News & Analysis as of

Securities and Exchange Commission (SEC) Securities Regulation Custody Rule

Freiberger Haber LLP

Enforcement News: The Custody Rule

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The Custody Rule provides that “it is a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of section 206(4) of the [Advisers] Act … for [a registered investment adviser] to have...more

Goodwin

SEC Outlook: Potential Updates Under Nominated Chairman Atkins

Goodwin on

The SEC currently has several notable rule proposals that have received public comment but have not yet been finalized. The potential direction of these proposals is likely to be influenced by the leadership of the new SEC...more

Goodwin

Our Comments on the SEC’s Proposed Safeguarding Rule

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On February 16, 2023, we circulated a client alert, “SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule,” concerning the proposed significant transformation of Rule 206(4)-2 (the Custody Rule)...more

Stinson LLP

SEC Proposes Enhanced Safeguarding (Custody) Rule for Registered Investment Advisers

Stinson LLP on

On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) proposed to exercise its authority by amending and re-designating Rule 206(4)-2 under the Investment Advisers Act of 1940 (the Custody Rule)....more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

How the SEC’s Proposed New Safeguarding Rule May Impact Private Fund Advisers

On February 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule (the “Proposal”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which would (i) amend certain provisions of the...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: June 2022

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Background - A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940...more

Polsinelli

I’m Your Huckleberry - SEC Staff Statement on WY Division of Banking’s Letter on Custody of Digital Assets

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Earlier this month the staff of the U.S. Securities and Exchange Commission (SEC) published a statement in response to a letter issued by the Wyoming Division of Banking on the custody of digital assets.  The SEC staff...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: September 2020

Proskauer Rose LLP on

A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”) under...more

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