Advocacy Comments on SEC’s Proposed Rules Safeguarding Advisory Client Assets
On March 9, 2023, the U.S. Securities and Exchange Commission (SEC) published proposed rules that would amend and redesignate Rule 206(4)-2 (Custody Rule) under the Investment Advisers Act of 1940. SEC’s proposal would replace the Custody Rule with a comprehensive set of new requirements affecting registered investment advisers, qualified custodians, and their clients. On May 5, 2023, the Office of Advocacy (Advocacy) filed a comment letter recommending the SEC publish a supplemental Initial Regulatory Flexibility Analysis.
For more, read the public comment letter and fact sheet, which highlights Advocacy’s concerns and recommendations.
- Comment Letter, SEC Safeguarding Advisory Client Assets (PDF, 242 KB)
- Fact Sheet, IA Safeguarding Rule (PDF, 129 KB)