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SEC Wants To Expand Custody Rule Scope

Securities and Exchange Commission SEC announced proposed overhaul of custody framework for SEC-registered investment advisers. The proposed reforms would amend and redesignate Rule 206(4)-2 under Investment Advisers Act of 1940, as amended, as Rule 223-1 under Advisers Act.

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SEC Proposes Custody Rule Overhaul With Broad Implications for Investment Advisers, Custodians, and Independent Public Accounting Firms | K&L Gates LLP

On 15 February 2023, the Securities and Exchange Commission (SEC) announced a proposed overhaul of the custody framework for SEC-registered investment advisers (investment advisers)..

United statesDiscretionary authoritySignature bankKl gatesDiscretionary authority of clientPublic company accounting oversight boardExchange commissionSilicon valley bankDiscretionary authority to trade as conferring custodyBank secrecyCustody ruleInvestment advisers actAdvisers actSafeguarding ruleIntroduces complexityQualified custodian

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