Investment Advisers' Paperwork Gets Green Light: Business as Usual
Published Date: 4/13/2026
Notice
Summary
The SEC is asking to extend a paperwork rule that helps certain investment advisers register with the Commission if they work in 15 or more states. These advisers must keep records and update their status yearly to stay eligible. This extension keeps things running smoothly without adding new costs or deadlines.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Paperwork time and monetized burden
The SEC estimates 122 advisers will respond annually, with one response each, averaging 8 hours per response and a monetized time burden of $3,024 per response (aggregate 976 hours and $368,928). The agency estimates $0 non-labor cost burdens. Public comments on this collection are due by May 14, 2026.
Keep records and update annual status
If you run an investment adviser firm that relies on Rule 203A-2(d) to register with the SEC, you must state on Schedule D of Form ADV that you are required to register in 15 or more states, agree to withdraw registration if you later are not required in 15 or more states, file a Form ADV-W within 180 days of your fiscal year end if you withdraw, and keep records of the states for five years after each Form ADV filing.
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Key Dates
Department and Agencies
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