SEC Yawns: Please Renew Our ADV Form Collection Approval
Published Date: 8/21/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Mandatory Form ADV Disclosures
If you are an investment adviser registered with the SEC or an exempt reporting adviser, you must file Form ADV electronically. Form ADV discloses the adviser's business, conflicts of interest, and personnel (Part 1 and Part 2), Part 3 requires a relationship summary for advisers offering services to retail investors, the filings are public, and they must be kept at least three years after termination.
Estimated Paperwork Time Burden
The SEC estimates that each respondent spends 10.85 hours per year on Form ADV reporting and recordkeeping, and that the total annual burden across respondents is 251,851.53 hours. The agency reports there were about 16,442 registered advisers and 6,389 exempt reporting advisers as of December 31, 2025.
Relationship Summary for Retail Investors
If you are a retail investor, advisers that offer services to retail investors must prepare and file a Part 3 relationship summary with the SEC. This gives you a standardized summary about the adviser-client relationship that you can use when deciding whether to hire an adviser.
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Key Dates
Department and Agencies
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