The SEC in a Shutdown: What Advisers Need to Know

October 1, 2025

Effective Oct. 1, 2025, the U.S. government is in a shutdown. During this time, the SEC will operate at a reduced capacity, which will have a significant impact on its normal operations. Only certain essential functions, such as monitoring markets for fraudulent or illegal activity, will remain. All other SEC operations will be suspended during the shutdown. This includes processing new filings, reviewing and approving registration statements, and conducting inspections and examinations.

The EDGAR filing system will remain open during a shutdown.

Although there will be some disruptions to the filing system, advisers should continue to file as planned.

• Filers will be able to electronically submit all filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.
• All filing deadlines will still apply and days leading up to a filing deadline during a shutdown will still be considered “business days.”
• Filers can continue to enroll in EDGAR Next and submit Form IDs to gain EDGAR access.

What does this mean for me?

Just because SEC operations are significantly limited doesn’t mean this time doesn’t count. Continue updating or maintaining your compliance program to meet industry requirements and best practices. CCOs should remind the firm’s personnel that regulatory deadline requirements still apply. Submit your filings on time. Continue working toward new compliance deadlines, such as Amended Regulation S-P.

If you are in the middle of an SEC exam, use this time to complete any outstanding requests, consider moving forward with updates to your compliance program that may have been highlighted by exam staff so far, and regroup on items that may have been put off while attention was focused on the exam. You should expect it to resume once operations go back to normal.

If you have any questions or need guidance during this time, please let us know. Members of our team are available to help.