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SEC proposal could reframe how regulatory burden is evaluated for most RIAs

Front view of the US Securities and Exchange Commission (SEC) headquarters in Washington, DC,
Photo: hapabapa/Getty Images

Janaya Moscony | SEC3

2 min read
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If adopted, the SEC estimates that roughly three-quarters of advisers, including many SEC-registered ones, would fall within the revised definition.

A recent proposal from the SEC would dramatically expand the population of advisers considered “small” for regulatory-analysis purposes.

The regulator has proposed significant amendments to the definition of a “small entity” as it applies to investment advisers under the Regulatory Flexibility Act (RFA). This would increase the regulatory assets under

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