FinCEN Publishes Notice of Proposed Rulemaking Delaying Effective Date of Investment Adviser Rule

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) to extend the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (the Investment Adviser Rule) from January 1, 2026 to January 1, 2028.

FinCEN will accept comments on the NPRM for 30 days following publication in the Federal Register on September 22, 2025, mainly on the topics of whether the duration of the postponement is appropriate and whether any alternative actions should be considered. By delaying the effective date by two years, FinCEN states it will be afforded an opportunity to review the Investment Adviser Rule and comments submitted by interested parties to ensure the Investment Adviser Rule is effectively tailored to the business models and risk profiles of the investment adviser sector and does not impose unnecessary regulatory burdens.

This NPRM follows the Exemptive Relief Order that FinCEN issued on August 5, 2025 and an earlier FinCEN announcement on July 21, 2025. More information about the prior FinCEN actions and scope of the requirements can be found in Akin’s prior client alerts here, here and here.