SEC Form 18 Explained: Foreign Government Securities Registration in 2025

Mark Jahn is an experienced financial writer, editor, and award-winning economist specializing in ETFs, stocks, cryptocurrencies, options, and more.

What Is SEC Form 18?

SEC Form 18 is a mandatory filing with the U.S. Securities and Exchange Commission (SEC) that foreign governments and their political subdivisions must submit to register and offer new securities within the United States. Officially known as the Application for Registration of Foreign Governments and Political Subdivisions, this form ensures transparency and regulatory compliance for foreign-issued securities available to U.S. investors.

Key Highlights

• SEC Form 18 is essential for foreign governments and subdivisions issuing securities in U.S. markets.
• It provides investors with detailed information to evaluate foreign securities.
• The form includes instructions, definitions, and required exhibits to guide registrants.

Understanding the Purpose of SEC Form 18

This form serves as a critical tool for foreign entities aiming to introduce new securities to U.S. investors. By reviewing SEC Form 18, investors gain insight into the issuing government branch, security characteristics such as maturity, interest rates, and issuance size, enhancing informed investment decisions.

Essential Requirements of SEC Form 18

Registrants must provide fundamental details including their official name, titles of the securities being registered, and the total amount of securities offered. The form also requires disclosure of the stock exchanges where registration is sought. All submissions must be typed or printed in English on standard 8.5 by 11-inch paper, adhering to SEC guidelines.

Detailed Definitions on SEC Form 18

The form outlines 12 key definitions clarifying registration specifics, including:

1. Registrant's official name.
2. If a subdivision, identification of the national government it reports to and the nature of this relationship.
3. Details of the securities including titles, interest rates, maturity dates, payment currencies, amortization, redemption, and sinking fund provisions. Information on liens, consequences of non-payment, and government guarantees must also be disclosed.
4. Closing date of the registrant's last fiscal year.
5. Total funded debt, both internal and external, at fiscal year-end.
6. Outstanding funded debt issues, including titles, amounts, and currencies.
7. Estimated floating debt in appropriate currencies.
8. Classified statement of receipts for the last fiscal year.
9. Description of any exchange controls in place.
10. Details on note issues, gold reserves, and gold stocks held by the central bank.
11. Summary of the nation's merchandise imports and exports.
12. International balance of payments for the last fiscal year.

Note: Items 10 through 12 apply exclusively to national governments, not their subdivisions.

Mandatory Exhibits Included in SEC Form 18

The filing requires three critical exhibits:

1. Exhibit A: The agreement defining security holders' rights, including an English translation if the original is in another language.
2. Exhibit B: The registrant’s most recent annual budget, which does not require translation.
3. Exhibit C: Copies of laws, decrees, or administrative rulings related to security servicing failures, along with English translations if applicable.

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