SEC Extends Rules to Shield Your Data from Ad Spam
Published Date: 11/28/2025
Notice
Summary
The SEC is asking for comments on extending a rule that helps protect your privacy by limiting how financial companies can use your info to market to you. About 2,282 companies must give clear notices and easy ways to say no to these marketing calls, spending time and money to keep things fair. This update keeps the rules strong without adding big new costs or delays.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Notice and opt-out workload for some firms
Approximately 2,282 covered firms that must provide affiliate marketing notices and opt-out opportunities each spend an estimated average of 7.6 hours per year on creating and providing notices, monitoring the opt-out process, keeping opt-out records, and handling consumer questions — a collective annual time burden of about 17,343 hours and an annual internal compliance cost of approximately $4,210,665.
You get an affiliate marketing opt-out
Regulation S-AM limits a financial firm’s use of consumer financial information received from an affiliate to market to you unless the firm gives you a notice and a reasonable, simple way to opt out. The rule potentially applies across approximately 22,824 covered firms, and about 2,282 firms are required to provide the affiliate marketing notice and opt-out opportunity to consumers.
Small review burden for firms with affiliates
About 12,781 covered firms that have one or more affiliates each spend an estimated average of 0.20 hours per year reviewing affiliate marketing practices, for a collective annual time burden of approximately 2,556 hours and an annual internal compliance cost of approximately $1,686,960.
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Key Dates
Department and Agencies
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Previous: 2025-21391, Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 10b-10
The SEC wants to keep Rule 10b-10 going, which makes sure brokers give customers clear info about their stock trades—like dates, shares, prices, and fees. This rule affects broker-dealers and helps investors understand their transactions better. No big changes or costs are planned, but the SEC is asking for public feedback before extending the rule’s approval.
Next: 2025-21393, Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 17a-14 and Form CRS
The SEC is asking for comments to keep collecting info from broker-dealers who work with everyday investors. These firms must share clear summaries about their services, fees, and any conflicts to help investors make smart choices. This update keeps the rules going with an estimated 6.4 million hours and $142,000 yearly cost for firms to comply.