Expansion of Adviser’s Safeguarding & Custody Rules?
On February 15, 2023, the SEC voted four to one to approve a proposal to significantly expand investor protection on advisory client assets. This article provides details on the proposal, which would expand the custody rule’s scope to cover additional client assets and add discretionary authority as a custody activity; enhance the custodial protections for client assets; and add new custody record-keeping and reporting requirements.
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