Nullifies a Financial Crimes Enforcement Network (FinCEN) rule that would have required many registered investment advisers and exempt reporting advisers to maintain anti‑money‑laundering (AML) programs and file suspicious activity reports (SARs). The rule is declared to have no force or effect, removing the new compliance and reporting obligations the rule would have imposed.

This change most directly affects investment advisers and the financial‑compliance teams that support them, reduces near‑term regulatory burden for those advisers, and also reduces a regulatory source of transaction and suspicious‑activity information available to law enforcement and financial‑crime investigators.