Extension of Rule 203-2 and Form ADV-W Investment Adviser Withdrawal Procedures

FR: Securities and Exchange Commission

Published April 1st, 2026

Detected April 1st, 2026

Summary

The SEC has issued a notice requesting public comments on extending OMB Control No. 3235-0313, covering Rule 203-2 and Form ADV-W under the Investment Advisers Act of 1940. The collection establishes procedures for investment advisers to withdraw their SEC registration electronically via IARD. The SEC estimates approximately 880 full withdrawals and 673 partial withdrawals annually, totaling 828.25 burden hours.

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What changed

The SEC is seeking comment on extending an existing information collection requirement under Rule 203-2 (17 CFR 275.203-2) and Form ADV-W (17 CFR 279.2), which establish procedures for investment advisers to withdraw their SEC registration. Investment advisers file Form ADV-W electronically through IARD when they cease business or become ineligible for SEC registration. The Commission estimates a burden of 0.75 hours for full withdrawal filings and 0.25 hours for partial withdrawal filings.

Registered investment advisers and those with pending applications should submit comments on whether the information collection has practical utility, the accuracy of burden estimates, and ways to minimize burden. Comments must be submitted within 60 days of the April 1, 2026 publication date. No new compliance obligations are created—this is a standard renewal of existing paperwork requirements under the Paperwork Reduction Act.

What to do next

Submit comments to the SEC via the Federal Register portal by the specified deadline
Review current Form ADV-W filing procedures to assess any operational impacts
Ensure electronic IARD system access is maintained for withdrawal filings if applicable

Source document (simplified)

Notice

Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 203-2 & Form ADV-W

A Notice by the Securities and Exchange Commission on 04/01/2026

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Public Inspection Published Document: 2026-06253 (91 FR 16267) Document Headings ###### Securities and Exchange Commission

[OMB Control No. 3235-0313] Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736

Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (“SEC” or “Commission”) is soliciting comments on the proposed collection of information. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval.

The title for the collection of information is “Rule 203-2 (17 CFR 275.203-2) and Form ADV-W (17 CFR 279.2) under the Investment Advisers Act of 1940 (15 U.S.C. 80b).” Rule 203-2 under the Investment Advisers Act of 1940 establishes procedures for an investment adviser to withdraw its registration or pending registration with the Commission. Rule 203-2 requires every person withdrawing from investment adviser registration with the Commission to file Form ADV-W electronically on the Investment Adviser Registration Depository (“IARD”). The purpose of the information collection is to notify the Commission and the public when an investment adviser withdraws its pending or approved SEC registration. Typically, an investment adviser files a Form ADV-W when it ceases doing business or when it is ineligible to remain registered with the Commission.

The respondents to the collection of information are all investment advisers that are registered with the Commission or have applications pending for registration. The Commission has estimated that compliance with the requirement to complete Form ADV-W imposes a total burden of approximately 0.75 hours (45 minutes) for an adviser filing for full withdrawal and approximately 0.25 hours (15 minutes) for an adviser filing for partial withdrawal. Based on historical filings, the Commission estimates that there are approximately 880 respondents annually filing for full withdrawal and approximately 673 respondents annually filing for partial withdrawal. Based on these estimates, the total estimated annual burden would be 828.25 hours ((880 respondents × .75 hours) + (673 respondents × .25 hours)).

Rule 203-2 and Form ADV-W require recordkeeping or records retention—an adviser must keep a copy of its filed ADV-W in its records and the Commission record retention schedule is Job. No. N1-266-91-1-43a. The collection of information requirements under the rule and form are mandatory. The information collected pursuant to the rule and Form ADV-W are filings with the Commission. These filings are not kept confidential.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB Control Number.

Written comments are invited on: (a) whether this proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information will have practical utility; (b) the accuracy of the SEC's estimate of the burden imposed by the proposed collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated, electronic collection techniques or other forms of information technology.

Please direct your written comments on this 60-Day Collection Notice to Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg via email to PaperworkReductionAct@sec.gov by June 1, 2026. There will be a second opportunity to comment on this SEC request following the Federal Register publishing a 30-Day Submission Notice.

Dated: March 27, 2026.

Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-06253 Filed 3-31-26; 8:45 am]

BILLING CODE 8011-01-P

Published Document: 2026-06253 (91 FR 16267)