Adviser Records Roll On: SEC Seeks Rule 204-2 Extension
Published Date: 12/16/2025
Notice
Summary
The SEC is asking for comments on extending Rule 204-2, which requires investment advisers to keep certain records for at least five years. This rule affects over 15,900 advisers and involves a big time commitment—almost 3 million hours total each year. The SEC wants to make sure the rule still works well and isn’t too much of a hassle before renewing it.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Five‑Year Recordkeeping Burden
SEC Rule 204-2 (17 CFR 275.204-2) requires investment advisers registered with the SEC to keep specified books and records for not less than five years. The SEC estimates each adviser spends about 184.9298 hours complying, and, as of December 31, 2024, there were 15,906 SEC-registered advisers for a total annual burden of about 2,941,493.4 hours. The collection is mandatory, used for SEC examinations, and responses are generally kept confidential.
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