Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, May 7, 2009

SEC Will Consider Custody-Related Issues under IA Act on May 14

SEC Open Meeting - Thursday, May 14, 2009 - 10:00 a.m.
    The subject matter of the Open Meeting will be:

The Commission will consider custody-related matters, including whether to propose amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 and related forms and rules. The proposed amendments would enhance the protections provided advisory clients when they entrust their funds and securities to an investment adviser. If adopted, the amendments would require investment advisers having custody of client funds and securities to obtain a surprise examination by an independent public accountant, and, unless the client assets are maintained with an independent custodian, obtain a review of custodial controls from an independent public accountant.

http://lawprofessors.typepad.com/securities/2009/05/sec-will-consider-custodyrelated-issues-under-ia-act-on-may-14.html

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