SEC Extends Form ADV Information Collection Requirement
The extension applies to registered and prospective investment advisers and exempt reporting advisers, with comments due by Sep. 21, 2026.
The Securities and Exchange Commission has submitted to the Office of Management and Budget a request to extend the previously approved collection of information for Form ADV (17 CFR 279.1), citing the Paperwork Reduction Act of 1995. The notice, identified by OMB Control No. 3235-0049 and FR Doc No. 2026-17067, was dated August 18, 2026.
Form ADV is the investment adviser registration and exempt reporting adviser filing required under rules 203-1, 204-1, and 204-4 of the Investment Advisers Act. Part 1 supplies information primarily for SEC staff, Part 2 serves as the client brochure, and Part 3 requires registered advisers serving retail investors to file a relationship summary. Filings are public and must be retained for at least three years after the enterprise's termination.
The collection covers advisers registered with the Commission, applicants for registration, and exempt reporting advisers. The SEC's latest data indicate approximately 16,442 registered advisers and 6,389 exempt reporting advisers as of December 31, 2025. The agency estimates a per-respondent burden of 10.85 hours, resulting in a total annual burden of 251,851.53 hours.
The Commission recently updated the occupational hourly rates used in PRA burden calculations. Rates now derive from the Bureau of Labor Statistics' Occupational Employment and Wage Statistics for NAICS 523, adjusted for the seasonally adjusted employment cost index and a non-wage cost factor based on the Bureau of Economic Analysis's gross output data, per the methodology released December 19, 2025.
Comments on the collection request may be submitted at https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202605-3235-003 or emailed to the protected address no later than September 21, 2026, which is 30 days after publication of this notice.