SEC Spring Cleaning: Ditching Dormant Investment Adviser Registrations
Published Date: 4/2/2025
Notice
Summary
The SEC plans to cancel the registrations of certain investment advisers who seem to have stopped doing business or didn’t file required paperwork. If you’re one of these advisers, your registration could be canceled soon, which means you can’t legally operate as an adviser anymore. Interested parties have until April 22, 2025, to ask for a hearing if they want to challenge this decision.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Specific Advisers Named for Cancellation
The notice names these investment advisers as subject to cancellation: MARKETOCRACY CAPITAL MANAGEMENT LLC (SEC No. 801-57974), STOCK MARKETS INSTITUTE (801-66878), ENIER JOSE CABRERA (801-79959), TCA FUND MANAGEMENT GROUP CORP. (801-80118), BRITE ADVISORS PTY LTD. (801-110970), MAVROS CAPITAL MANAGEMENT, LLC (801-128727), and PF ADVISORS LLC (801-129196). If your firm is one of these listed registrants, the SEC intends to cancel your registration under Section 203(h) of the Investment Advisers Act of 1940.
Deadline To Request a Hearing
Any interested person may submit a written request for a hearing on these cancellations by April 22, 2025, at 5:30 p.m. The request must state the person's interest, the reason for the request, and the issues to be controverted, and should be emailed to the Commission's Secretary at [email protected].
Reasons Cited For Cancellation
The Commission says each registrant either (a) failed to file a required Form ADV amendment as required by Rule 204-1 and appears no longer engaged in business as an investment adviser, or (b) indicated on Form ADV that it is no longer eligible to remain registered but did not file Form ADV-W to withdraw its registration. The Commission relies on Section 203(h) of the Act as the basis for cancellation.
Right To Appeal Cancelled Registrations
If a registrant's registration is cancelled under delegated authority, that registrant may appeal directly to the Commission under 17 CFR 201.430 and 201.431 (the Commission's rules of practice).
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
Previous / Next Documents
Previous: 2025-05657, Gemini Investors VI, L.P. [License No. 01/01-0433]; Surrender of License of Small Business Investment Company
Gemini Investors VI, L.P. has officially given up its license to operate as a Small Business Investment Company. This means they won’t be making new investments under this program anymore. The change is effective immediately, so small businesses looking for funding from them will need to look elsewhere.
Next: 2025-05661, Certification Under Section 7045(B)(2)(A) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2024 (Div. F, Pub. L. 118-47)
The U.S. government officially confirms that Guatemala is making real progress fighting corruption, protecting human rights, and improving law enforcement. This means Guatemala is working closely with the U.S. to tackle crime, support economic growth, and manage migration challenges. These efforts help keep funding flowing and strengthen cooperation between the two countries in 2025 and beyond.