Published on People Move

Some general information on US SEC registration of diaspora bonds

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Of late I have been receiving a number of questions on legal requirements for selling retail diaspora bonds in the US. I am enclosing below some general information, but with the caveat that I am not a lawyer and I may be wrong. In the end reputable law firms (rather than economists like me) ought to be consulted.  

  • Retail diaspora bonds (even if they are a part of a larger institutional offering) should be registered under SEC Securities Act 33 Schedule B.
  • It can take 2-3 months to complete registration.
  • There will be detailed disclosure requirement for the prospectus at the time of registration, and also annual reporting during the life of the bond.
  • The SEC website shows that the filing fee is $114.6 per million dollars - see
  • Issuers can market on their own or have a captive broker-dealer or hire broker-dealers.
  • Issuers of diaspora bonds must work with some reputed law firms in the US. Legal cost can be significant.


Dilip Ratha

Lead Economist and Economic Adviser to the Vice President of Operations, Multilateral Investment Guarantee Agency, World Bank

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