证券交易委员会通过「小型实体」定义修订：投资公司门槛升至100亿美元、投资顾问升至10亿美元
美国证券交易委员会（SEC）11月4日宣布（新闻稿 2026-112），已通过规则修订，更新《监管灵活法》（RFA）下「小型实体」的定义标准，涉及注册投资公司、投资顾问与商业发展公司（BDC）。这套定义 1982 年制定、1998 年最后一次更新，此后资产管理行业规模大幅增长，旧门槛已多年未动。
按 SEC 同日发布的说明页（发布号 IA-7035）：投资公司方面，《1940 年投资公司法》下的净资产门槛由 5,000 万美元提高至 100 亿美元；关联基金资产的合并计算，改按表格 N-CEN 第 B.5 项的「投资公司家族」口径，不再按现行「关联投资公司集团」口径。投资顾问方面，《1940 年投资顾问法》下的受监管管理资产门槛由 2,500 万美元提高至 10 亿美元，并取消投资顾问的总资产门槛、相应调整控制关系门槛，表格 ADV 同步作配套修改。
修订还规定，自规则生效日起，资产门槛每 10 年以命令形式作一次通胀调整。全部修订将在通过稿于《联邦公报》刊登之日起 90 天后生效。
SEC 主席 Paul S. Atkins 表示，更新这项近 30 年未动的定义，是消除不必要监管负担、使规则手册现代化的重要一步，修订能更准确地反映今日市场中相对规模较小的注册投资公司、顾问与商业发展公司。委员 Mark T. Uyeda 在同日声明中指出，按 10 亿美元门槛，约 75% 的投资顾问将被计入小型实体，但其合计受监管管理资产不足全行业的 3%；他强调，这些变化不改变适用于任何机构的任何实质性要求，只是让 SEC 在制定规则时能更好地评估对小型实体的经济影响。
（来源：美国证券交易委员会）
SEC Adopts Small Entity Definition Updates: $10 Billion Threshold for Investment Companies, $1 Billion for Advisers
The U.S. Securities and Exchange Commission announced on November 4 (Press Release 2026-112) that it has adopted amendments updating the definitions of "small entity" under the Regulatory Flexibility Act (RFA) for registered investment companies, investment advisers, and business development companies (BDCs). The definitions were adopted in 1982 and last updated in 1998; the asset management industry has grown substantially since the asset-based thresholds were initially set.
According to the SEC's fact sheet (Release IA-7035): for investment companies, the net asset threshold under the Investment Company Act of 1940 rises from $50 million to $10 billion, and related funds' net assets will be aggregated by reference to a "family of investment companies" as used in Item B.5 of Form N-CEN, rather than a "group of related investment companies." For investment advisers, the regulatory assets under management threshold under the Investment Advisers Act of 1940 rises from $25 million to $1 billion, the adviser total assets threshold is eliminated, control relationship thresholds receive conforming changes, and Form ADV is amended in conformity.
The amendments also provide for inflation adjustments to the asset thresholds by order every 10 years beginning on the rules' effective dates. The amendments become effective 90 days after the adopting release is published in the Federal Register.
SEC Chairman Paul S. Atkins said updating a definition not revised in nearly 30 years is an important step to eliminate unnecessary regulatory burdens and modernize the rulebook, and that the amendments more accurately capture the types of registered investment companies, advisers, and BDCs considered small relative to today's market. Commissioner Mark T. Uyeda, in a same-day statement, noted that a $1 billion threshold would represent about 75% of advisers but only under 3% of total industry regulatory assets under management, and stressed that the changes do not alter any substantive requirement applicable to any firm; they provide a framework for assessing the economic impact of rulemaking on smaller entities.
(Source: U.S. Securities and Exchange Commission)
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：美国证券交易委员会（SEC）徽标。SEC 官方徽标（公共领域），GSM 固定图库合成图。 / Photo: Seal of the U.S. Securities and Exchange Commission. Official SEC seal (public domain), GSM fixed-library composite.
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