SEC Requests Extension for Ongoing Rule 204-5 Data Collection
Published Date: 12/5/2025
Notice
Summary
The SEC is asking to keep the rule that makes investment advisers give a clear, easy-to-understand summary to retail investors before starting work together. This helps people make smart choices about who manages their money. About 10,050 advisers spend time and money on this, and the public can comment on the rule extension until January 5, 2026.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Compliance Cost for Advisers
If you are an SEC-registered investment adviser, the agency estimates compliance with Rule 204-5 requires about 124 hours per adviser each year and costs about $9,520 per adviser annually; the aggregate industry burden is 1,241,670 hours and $95,678,622 per year for roughly 10,050 advisers (including 291 dually registered broker-dealers). The collection is mandatory and responses will not be kept confidential.
Advisers Must Give Retail Summary
If you are a retail investor, an investment adviser must give you a clear electronic or paper relationship summary before or when the adviser enters into an investment advisory contract with you. The summary is meant to help you decide whether to hire or keep an adviser and what types of accounts and services suit your needs.
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