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.
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
2026-19260, 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!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
Previous / Next Documents
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.