SEC Targets Outdated Internet Advisers for Registration Purge
Published Date: 4/17/2026
Notice
Summary
The SEC plans to cancel the registrations of certain investment advisers who no longer qualify to be registered, especially those using an outdated internet adviser exemption. If you’re on the list, your registration could be canceled after May 11, 2026, unless you ask for a hearing by then. This means some advisers might lose their ability to operate, so watch the deadline and act fast if you want to keep your registration!
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Listed advisers face registration cancellation
The SEC plans to cancel the registrations of the investment advisers named in the Appendix. The Commission may issue cancellation orders at any time after May 11, 2026, so the registrants named could lose their registered status after that date.
Deadline to request a hearing: May 11, 2026
Any interested person may request a hearing about a listed registrant's cancellation by May 11, 2026 at 5:30 p.m., Eastern time. Requests must be submitted in writing and emailed to the Commission's Secretary at [email protected] and include the SEC number from the Appendix.
Internet-adviser exemption ineligibility (March 31, 2025)
Each registrant in the Appendix is registered under the internet adviser exemption (rule 203A-2(e)) but appears to be ineligible after the Commission amended that exemption, which had a compliance date of March 31, 2025. The Commission cites this ineligibility as a basis for cancelling their registrations.
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