# 2025-15181: SEC Keeps Dusty Rule for Unused Investment Ads: Zzz

2025-15181, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 607, is a Federal Register notice from Securities and Exchange Commission published 2025-08-11, effective Notice published in Federal Register (Vol. 90, No. 152) August 11, 2025; public comments invited within 30 days of the day after publication (comments by September 11, 2025). (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15181
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15181
- Title: Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 607
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 38687
- Published: 2025-08-11
- Effective: Notice published in Federal Register (Vol. 90, No. 152) August 11, 2025; public comments invited within 30 days of the day after publication (comments by September 11, 2025).
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Keeps Dusty Rule for Unused Investment Ads: Zzz

## Summary

The SEC is asking to keep the current rule that requires small business investment companies (SBICs) and business development companies (BDCs) to send their sales materials to the SEC five days before using them. This rule helps protect investors by making sure sales pitches aren’t misleading. No one has filed under this rule recently, so there’s no extra cost or time burden expected.

## Effects PRIA read

- Five-day SEC pre-filing rule: cost, low. If you are a small business investment company (SBIC) or a business development company (BDC) offering securities under Regulation E, you must file sales materials with the SEC at least five days (excluding weekends and holidays) before using them. The SEC staff reviews those materials for material…
- SEC review protects investors: benefit, low. The SEC staff reviews sales materials filed under Rule 607 to check for materially misleading statements and omissions, which helps protect investors from false or misleading sales pitches for Regulation E offerings.
- Sales-material threshold over ten people: cost, low. Communications count as sales material under Rule 607 when they are to be given or otherwise communicated to more than ten persons — including advertisements, radio or TV scripts, and letters — and such materials must be filed five days before use.
- SEC estimates negligible filing burden: benefit, low. The SEC reports no filings under Rule 607 in 2022, 2023, or 2024 and estimates an annual paperwork burden of one hour per respondent for electronic filing of sales materials.
- Regulation E $5,000,000 offering cap: benefit, medium. Regulation E exempts securities issued by an SBIC or a BDC from registration if the aggregate offering price of all securities that may be sold within a 12-month period does not exceed $5,000,000 and other conditions are met.

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## Sources
- [2025-15181 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/11/2025-15181/agency-information-collection-activities-submission-for-omb-review-comment-request-extension-rule)
- [2025-15181 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-11/pdf/2025-15181.pdf)

## Related
- [Previous: 2025-15180, Agency Information Collection Activities; Proposed Collection; Comment Request;…](https://policyrisk.com/federal-register/2025-15180)
- [Next: 2025-15182, Agency Information Collection Activities; Submission for OMB Review; Comment Re…](https://policyrisk.com/federal-register/2025-15182)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15181 (as of 2026-06-08).