SEC Wants Feedback on Adviser Exit Form Renewal
Published Date: 4/1/2026
Notice
Summary
The SEC is asking to keep the rules that require investment advisers to file a form when they stop or pause their registration. This affects all advisers registered or applying with the SEC and takes about 15 to 45 minutes to complete. No big changes or costs are expected, but the SEC wants your feedback before extending the rule.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Must File Form ADV‑W When Withdrawing
If you are an investment adviser registered with the SEC or have a registration pending, you must file Form ADV‑W electronically on the Investment Adviser Registration Depository (IARD) when you withdraw your registration (full or partial). The rule covers withdrawals when an adviser ceases doing business or becomes ineligible to remain registered.
Time Burden per ADV‑W Filing
The SEC estimates Form ADV‑W takes about 45 minutes (0.75 hours) for a full withdrawal and about 15 minutes (0.25 hours) for a partial withdrawal. The Commission estimates ~880 full withdrawals and ~673 partial withdrawals annually, for a total estimated annual burden of 828.25 hours.
Must Keep ADV‑W Copy; Filings Are Public
Advisers must keep a copy of each filed Form ADV‑W in their records per the Commission record retention schedule (Job No. N1-266-91-1-43a). Filings made under Rule 203-2 are not confidential and are public filings with the Commission.
Opportunity to Comment by June 1, 2026
The SEC is soliciting written comments on extending the existing collection; comments on the 60-Day Collection Notice must be submitted by June 1, 2026 to the named SEC official. The Commission will later publish a 30-Day Submission Notice offering a second chance to comment.
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