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.
Documents
- Comment Letter, SEC Safeguarding Advisory Client Assets (PDF, 242 KB)
- Fact Sheet, IA Safeguarding Rule (PDF, 129 KB)