SEC Seeks to Keep Exemption Rule 0-4 Limping Along
Published Date: 5/29/2025
Notice
Summary
The SEC is asking to keep Rule 0-4, which helps investment advisers and related folks apply for special permission to skip certain rules. About 7 applications come in yearly, costing applicants between $15,000 and $240,000 depending on complexity. This extension keeps the process going smoothly without changing fees or deadlines.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Big legal costs to seek SEC exemptions
If you are a registered investment adviser or related entity applying for exemptive relief under Rule 0-4, the SEC estimates it gets up to 7 applications a year. Preparing an application typically costs between $15,259.94 and $238,761.88 depending on complexity, and the SEC estimates a total annual applicant cost of $440,387.38 across all applications.
Applications are mandatory and public
The SEC says the information collection under Rule 0-4 is required to obtain or retain the benefit (exemptive relief), and responses will not be kept confidential. That means if you apply, you must provide the information and the SEC may treat it as public.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in