On September 19, FinCEN issued a notice of proposed rulemaking (NPRM) to postpone the effective date of its final rule, which would require registered investment advisers and exempt reporting advisers to file suspicious activity reports (SARs) and establish anti-money laundering and countering the financing of terrorism programs. Under the proposed rule the effective date would be delayed from January 1, 2026, to January 1, 2028.

As previously covered by InfoBytes, FinCEN announced plans to postpone the rule in July 2025. Following that announcement, FinCEN issued an exemptive relief order on August 5, temporarily exempting covered investment advisers from the rule’s requirements until January 1, 2028. The NPRM proposed to amend the rule’s effective date through notice-and-comment rulemaking.

FinCEN stated that the delay is intended to allow for further review to ensure the rule is “effectively tailored to the diverse business models and risk profiles” of investment advisers, while ensuring consistency with the administration’s agenda. Comments will be due October 22.