The Securities and Exchange Commission (SEC) is requesting an extension for collecting certain information using Form 1-K, as required under the Paperwork Reduction Act. Form 1-K is mandatory for Tier 2 issuers who conduct offerings under Regulation A and need to file annual reports. There are about 353 issuers that file this form each year, and preparing it requires around 600 hours. The public can submit comments on this information request from December 12, 2024, to January 13, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants permission to keep asking certain companies, called issuers, to fill out a special form every year, which is very important but takes a lot of time—about 600 hours. People can tell the SEC what they think about this from December 12, 2024, to January 13, 2025.