Amendments to the “Small Business” and “Small Organization” Definitions for Investment Companies and Investment Advisers for Purposes of the Regulatory Flexibility Act

What it does

The Securities and Exchange Commission (the "Commission" or the "SEC") is amending the definitions of "small business" and "small organization" (collectively, "small entities") that are used in connection with Commission rulemaking under the Investment Company Act of 1940 (the "Investment Company Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). These definitions concern regulatory requirements applicable to registered investment companies and business development companies (collectively, "funds") as well as investment advisers. The definitions are used specifically for purposes of the Regulatory Flexibility Act (the "RFA"), which requires the Commission to consider the impact of its regulations on small entities. The amendments are designed to modernize the definitions, by increasing certain asset-based thresholds, including a mechanism for periodic future inflation adjustments, and eliminating the threshold based on total assets for advisers. In connection with these amendments, the Commission is making conforming amendments to Form ADV as well as the rule that allows certain small SEC-registered advisers to apply for a continuing hardship exemption from making Advisers Act filings electronically.

The Securities and Exchange Commission's summary, as published in the Federal Register.

What changed in the regulation

3 parts of Title 17 of the Code of Federal Regulations:

17 CFR 270, 17 CFR 275, 17 CFR 279

Compared with

The Securities and Exchange Commission has published 12 final rules in 2026 so far, compared with 20 in all of 2025.

Counted by the Tribune from Federal Register records since Jan. 1, 2025.

Before this

1 earlier Federal Register document under regulation identifier 3235-AN39 since Jan. 1, 2025.

• Jan. 12, 2026 Proposed rule. "Small Business" and "Small Organization" Definitions for Investment Companies and Investment Advisers for Purposes of the Regulatory Flexibility Act

What happens next and when

This final rule was published in the Federal Register on November 6, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Title 17 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register