The SEC’s 2026 regulatory agenda: what investment advisers should watch next

The SEC’s 2026 regulatory agenda signals an ambitious effort to modernize the rules governing investment advisers, private markets and digital assets. Although the agenda does not itself change any legal requirements, it provides firms with a valuable roadmap of the regulatory developments that could reshape their compliance obligations and business models.

On July 7th 2026, the Office of Information and Regulatory Affairs published the Securities and Exchange Commission’s 2026 Unified Agenda of Regulatory and Deregulatory Actions. The agenda reflects Chairman Paul Atkins' stated focus on returning the SEC to its core mission of protecting investors, facilitating capital formation and maintaining fair, orderly and efficient markets.

It also reveals a Commission looking to update rules written for an earlier era. Among the initiatives most relevant to investment advisers are potential reforms concerning custody, electronic communications, pay-to-play restrictions, Form PF, private-market access and crypto assets. Taken together, these initiatives point toward a more technology-aware and potentially streamlined regulatory framework, while preserving investor protection as a central objective.  
 

A roadmap, not a rulebook

The first point for advisers is also the most important: the regulatory agenda is a statement of priorities, not a source of new legal obligations. The active initiatives are listed at either the pre-rule or proposed-rule stage. Some have already been proposed, while others remain descriptions of recommendations the SEC staff may bring before the Commission.

The expected action dates are estimates, and agenda items may be delayed, revised or never adopted. Until the SEC proposes and ultimately adopts a change, advisers must continue complying with the rules as they exist today. Nevertheless, the agenda provides firms with an opportunity to identify where change may be coming and consider the potential effects before implementation deadlines begin to run.
 

Custody and crypto move toward a coordinated framework

Digital assets feature prominently in the agenda. The SEC is considering rules addressing the offer and sale of crypto assets, potentially including exemptions and safe harbors, as well as amendments governing crypto trading on alternative trading systems and national securities exchanges. Related initiatives would address broker-dealer financial responsibility and recordkeeping requirements and the use of distributed-ledger technology by transfer agents.

For investment advisers, the proposed modernization of the custody framework may be the most consequential development. The agenda contemplates amendments or new rules under both the Advisers Act and the Investment Company Act to modernize the custody of client and fund assets, expressly including crypto assets. This continues the SEC’s movement toward providing clearer rules for asset types and custody models that were not contemplated when the existing framework was adopted.

Any eventual proposal could affect how advisers evaluate qualified custodians, structure custody agreements and oversee wallet architecture, key management, asset segregation and sub-custodial arrangements. Firms considering digital-asset strategies should therefore continue strengthening custodian due diligence and documenting how their existing controls satisfy current requirements. The prospect of future clarity is not a basis for relaxing today’s safeguards.
 

Private markets could open to broader participation

The agenda also signals a significant re-examination of who can access private markets and how that access may be provided. One initiative would seek to facilitate retail exposure to private markets through registered investment companies. The same agenda item contemplates allowing advisers to charge performance fees to an expanded set of clients, potentially revisiting the boundaries of the qualified-client framework.

A separate initiative would update exempt-offering pathways and could include amendments to the accredited-investor definition. The SEC is also considering rules addressing the regulatory status of "finders" under Section 15(a) of the Exchange Act, an area that has long created uncertainty when issuers or fund sponsors compensate unregistered persons for investor introductions.

These initiatives could have meaningful consequences for fund formation, fundraising and product design. Broader eligibility standards might expand the potential investor base for private offerings, while a clearer framework for finders could reduce uncertainty around certain capital-introduction arrangements. At the same time, increased retail participation would likely bring heightened attention to fees, liquidity, valuation, conflicts and the adequacy of investor disclosures.

For now, existing accredited-investor, qualified-client and broker-dealer requirements remain fully applicable.
 

Modernizing the compliance infrastructure

Several agenda items address rules that shape advisers’ day-to-day compliance programs. The SEC is considering amendments to Advisers Act Rule 204-2 to address the scope and compliance burdens associated with electronic communications and to account for technological developments since the record-keeping rule was adopted.

This initiative follows years of regulatory attention to off-channel communications. It may ultimately provide clearer boundaries around which electronic messages must be retained and how firms can reasonably supervise evolving communication methods. However, the agenda does not suspend existing books-and-records obligations. Advisers should continue to enforce approved-channel requirements, testing surveillance and retention systems, and documentation escalation and remediation when employees use unauthorized platforms.

The Commission is also considering amendments to the Pay-to-Play Rule to address identified compliance burdens. Potential reforms could reduce the risk that technical or inadvertent political contributions trigger the rule’s two-year compensation ban. Until any changes are adopted, firms should maintain preclearance procedures, covered-associate lists, contribution testing and onboarding reviews.

Another initiative would modernize the electronic delivery of information required under the federal securities laws. Although the details remain to be developed, a more flexible approach could reduce reliance on paper delivery and create efficiencies for firms and investors. Advisers should be prepared to assess whether their consent practices, delivery methods and record-keeping controls would support any new framework.
 

Reporting relief

The agenda carries forward the SEC’s April 2026 proposal to amend Form PF. That proposal is intended to streamline reporting and reduce burdens for private-fund advisers, including by revisiting requirements applicable to all filers and large hedge-fund advisers. Firms should continue monitoring the rule-making while maintaining processes based on the currently effective form and filing requirements.

The SEC is also pursuing changes to the “small entity” definitions used for Regulatory Flexibility Act analyses. This initiative could require the Commission to consider the effects of future rules on a much broader population of advisers. Importantly, classification as a small entity for this purpose would not itself alter an adviser’s registration status or exempt it from the Advisers Act.
 

What advisers should do now

The agenda is broad, but firms do not need to redesign their compliance programs in anticipation of rules that have not yet been proposed or adopted. A measured regulatory change process is the more appropriate response. Advisers should:

• Identify the agenda items most relevant to their clients, strategies and operations;

• Assign responsibility for monitoring proposals, comment periods and final rules;

• Assess which policies, agreements, systems and disclosures could eventually be affected;

• Preserve compliance with all existing requirements during the rulemaking process; and

• Brief senior management when a proposal could affect product strategy, fundraising or material compliance resources.
   

Direction of travel, not the destination

The SEC’s 2026 agenda reflects more than a collection of individual rule-makings. It points toward a broader effort to adapt securities regulation to digital assets, modern communications and the continued growth of private markets, while revisiting requirements viewed as unnecessarily burdensome or outdated.

For advisers, the direction of travel is becoming clearer, but the destination is not yet fixed. Firms that monitor these developments carefully, maintain strong controls under existing rules and evaluate proposals through the lens of their own business models will be best positioned to respond as the SEC turns its agenda into concrete rule-making.

How Ocorian can help

Ocorian’s U.S. regulatory and compliance team supports investment advisers in tracking regulatory developments and translating new requirements into practical changes to policies, procedures and controls.