SEC Proposed Extension of Information Collection for Rule 203-2 and Form ADV-W
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The U.S. Securities and Exchange Commission is seeking public comments on the extension of the existing Paperwork Reduction Act approval for Rule 203-2 and Form ADV-W under the Investment Advisers Act of 1940. These rules govern the withdrawal of an investment adviser's registration or pending registration with the SEC. Advisers must file Form ADV-W electronically through the Investment Adviser Registration Depository (IARD) system. The estimated burden is 0.75 hours for a full withdrawal and 0.25 hours for a partial withdrawal. Based on historical data, the SEC expects 880 full withdrawals and 673 partial withdrawals annually, resulting in a total estimated annual burden of 828.25 hours. The collection is mandatory, filings are public, and records must be retained per the Commission's schedule. Comments are due by June 1, 2026.
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Key Changes
- Requires electronic filing of Form ADV-W via IARD for all investment adviser withdrawals
- Estimated burden: 0.75 hours per full withdrawal, 0.25 hours per partial withdrawal
- Annual respondents: 880 full withdrawals and 673 partial withdrawals
+ 3 more changes with Pro
Obligations
What this law requires
Investment advisers must file Form ADV-W electronically through the Investment Adviser Registration Depository (IARD) system when withdrawing registration or pending registration with the SEC
Investment advisers must retain a copy of their filed Form ADV-W in their records according to SEC record retention schedule Job. No. N1-266-91-1-43a
Investment advisers must complete Form ADV-W for full withdrawal within approximately 0.75 hours (45 minutes) and for partial withdrawal within approximately 0.25 hours (15 minutes)
Form ADV-W filings are public and not kept confidential; investment advisers must acknowledge that their withdrawal information will be disclosed to the public
Public comments on the proposed extension of the information collection must be submitted in writing by June 1, 2026