The SEC published its FY 2026 budget justification, signaling that the SEC is prepared to execute its mission with its currently reduced staff.

“The SEC is pleased to submit its budget request for fiscal year (FY) 2026. With a focus on returning to the core mission that Congress set for the agency, to include priority areas as noted above, the SEC’s FY 2026 request is $2.149 billion in support of 4,101 full-time equivalents (FTE). This requested budget level is flat compared to both the FY 2025 and FY 2024 enacted funding levels. As a result of attrition following early retirement and buy-out offers, the agency’s FY 2026 request reflects a net reduction of 447 FTEs as compared to the FTE level for FY 2025.”

“The agency currently oversees... more than 15,900 investment advisers,”

“IM also regulates certain investment advisers to private funds, including private equity, hedge, venture capital, and similar funds. These funds have also experienced dramatic growth over the past decade, nearly tripling their population from approximately 35,000 to over 100,000 funds.”