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SEC: Rulemaking

Security of money
The SEC’s proposed replacement for the custody rule would, if finalized, have far-reaching ramifications not just for advisers but custodians, accountants and even clients
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Should the custody rule end up being replaced, the change would come with revisions to Advisers Act rule 204-2 (books and records) requiring you to ...
SEC Commissioners
Some advisers might celebrate the prospect that the often confusing and confounding custody rule would disappear. But you might not be so happy with what ...
SEC Chairman Gensler
"The proposal requires, for the first time, that advisers and qualified custodians enter into written agreements with each other that help guarantee the custodian’s protections"
SEC Commissioner Peirce
"My second set of concerns is around the proposed rule’s workability .... Getting custodians to enter into written agreements and provide the required reasonable assurances ...
SEC Commissioner Crenshaw
"Today’s proposed amendments apply to all assets over which an investment adviser has custody. It does not favor or discourage one asset class over another"
SEC Commissioner Uyeda
"The proposing release takes great pains to paint a 'no-win' scenario for crypto assets"
SEC Commissioner Lizarraga
"Today’s proposal represents another important step in the Commission’s efforts to modernize and strengthen the implementation of our federal securities laws. By expanding custody protections, ...
SEC Chairman Gary Gensler
"Now, that’s not to say this change will be new; in fact, this change simply brings us back to the T+1 settlement cycle our markets ...
SEC Commissioner Peirce
"But [I] do want to make one final plea to Chair Gensler. Why not adopt a September 3, 2024 compliance date? I will vote for ...
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