A form used by non-US sovereign governments and their political subdivisions to file annual reports with the SEC. A form 18-K needs to be filed only if a sovereign government or subdivision has debt securities registered under Schedule B and they have also voluntarily listed these securities on a US securities exchange.

However, sovereign issuers that wish to take advantage of SEC no-action relief to issue Schedule B securities on a delayed or continuous basis (also known as a shelf offering) voluntarily file annual reports on Form 18-K and file periodic updates as needed on amendments (Form 18-K/A) to update the SEC and investors on recent developments concerning the sovereign issuer.

For more information on Form 18-K and Schedule B, see Practice Note, Schedule B Sovereign Debt Issued Under the Securities Act and Disclosure Topics for Schedule B Sovereign Debt Offerings Checklist.