SEC Keeps Advisers Hoarding Records for Five More Years
Published Date: 3/4/2026
Notice
Summary
The SEC is asking to keep the current rules that require investment advisers to keep important business records for at least five years. This affects all SEC-registered investment advisers, who spend a lot of time (about 185 hours each) on this paperwork. The SEC wants to extend this rule without changes and invites public comments by April 6, 2026.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Five-Year Recordkeeping Burden for Advisers
If you are an SEC-registered investment adviser, Rule 204-2 requires you to keep certain business books and records for not less than five years. The SEC estimates this imposes about 184.9298 hours of compliance work per adviser; there were 15,906 SEC-registered advisers as of December 31, 2024, for a total annual burden of 2,941,493.40 hours. The SEC is seeking OMB approval to extend the rule without changes and is accepting public comments by April 6, 2026.
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