Why It Matters

The Investment Adviser Association filed its lobbying disclosure for the second quarter of 2026 on July 13, reporting $100,000 in expenditures for the three months. The filing marks a shift in spending patterns compared to recent quarters, though the organization maintained its consistent focus on regulatory issues affecting investment advisers.

The Investment Adviser Association supports the SEC’s proposal to raise the 'small entity' threshold to $1 billion, arguing that the historical $25 million threshold for economic impact analysis was entirely outdated and fell far below the $100 million minimum required for standard SEC registration. The group also contends that the SEC's pay-to-play rule "enforces harsh penalties without assessing the intent behind political contributions, treating even minor contributions as violations and chilling the ability of investment adviser personnel to engage in the political process." These positions suggest the organization is seeking regulatory relief or clarification on rules affecting its members' operations and political participation.

By the Numbers

The Investment Adviser Association reported $100,000 in lobbying expenditures for the second quarter, down from $80,000 in the first quarter but representing a shift from higher spending in late 2025. The organization spent $140,000 in the second quarter of 2025, $153,913 in the third quarter, and $110,000 in the fourth quarter before scaling back in early 2026.

Broader Context

The lobbying effort relied on two channels: William Nelson, the Director of Public Policy and Associate General Counsel, handled in-house lobbying, while Mindset Advocacy LLC continued as the external firm. The external firm did not file a separate lobbying disclosure for the second quarter, marking a departure from previous quarters when Mindset Advocacy reported $50,000 in expenses per quarter.

The Bottom Line

The Investment Adviser Association's second quarater 2026 lobbying disclosure filing shows a leaner operation than the previous year, with reduced spending and a shift away from external lobbying support. The organization's focus on regulatory definitions and enforcement mechanisms suggests an ongoing effort to shape how the SEC applies rules to its members.

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