Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 203A-2(d)
Published Date: 1/29/2026
Notice
Summary
If you're an investment adviser working in 15 or more states, you can register with the SEC thanks to Rule 203A-2(d). To keep this special status, you need to keep some records for five years and update your registration paperwork on time. This notice asks for comments on continuing these rules, which help advisers avoid extra paperwork and keep things running smoothly.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Paperwork Burden Estimates for Advisers
The SEC estimates 122 respondents will provide one response each annually (122 annual responses). It estimates 8 hours per response (976 aggregate hours) and a monetized time burden of $3,024 per response (aggregate $368,928), with $0 in other cost burdens.
Exemption to Register with SEC
If you are an investment adviser who would otherwise be required to register in 15 or more states, Rule 203A-2(d) lets you register with the Securities and Exchange Commission instead. To rely on the rule you must indicate on Schedule D of Form ADV that you are required to register in 15 or more states.
Five-Year Recordkeeping Requirement
Advisers relying on Rule 203A-2(d) must keep, for five years after each Form ADV filing, a readily accessible record of the states in which the adviser determined it would be required to register but for the exemption. This record retention requirement is part of the rule's collection of information.
Withdrawal Duty and 180-Day ADV-W Filing
If an adviser indicates on its annual updating amendment that it is no longer required to register with at least 15 states, the adviser must withdraw its Commission registration and file a Form ADV-W within 180 days of the adviser's fiscal year end. That undertaking must be included on Schedule D of Form ADV to rely on the exemption.
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