7 Things Advisers Must Do To Avoid Custody

posted in: Custody | 0

A recent SEC No-Action Letter (Investment Adviser Association, February 21, 2017) clarified how an investment adviser can avoid having custody as a result of having a standing letter of instruction or other similar asset transfer authorization arrangement established by a client … Continued

SEC Issues Guidance Re: Inadvertent Custody

posted in: Custody | 0

Maybe there is something wrong with a rule that needs continual guidance? See the latest SEC Investment Management Guidance:  Inadvertent Custody: Advisory Contract Versus Custodial Contract Authority

Top 3 Custody Deficiencies

posted in: Custody | 0

As stated in the recent SEC Risk Alert, the 3 most frequent custody issues identified in examinations of investment advisers are as follows:

Policy Statement on Custody Requirements

posted in: Custody, State Compliance | 0

In conjunction with the release of a preliminary report describing an initiative by the Registration, Inspections, Compliance and Examinations Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the “Division”) to examine advisers that registered with … Continued

SEC Charges Three Firms With Violating Custody Rule

posted in: Custody | 0

 The Securities and Exchange Commission today sanctioned three SEC-registered investment advisory firms for violating the “custody rule” that requires them to meet certain standards when maintaining custody of their clients’ funds or securities. SEC investigations following referrals by agency examiners … Continued

No Surprise Exams for Most SEC Advisers

posted in: Custody | 0

Most of the investment advisers registered with the SEC who maintain custody of their clients’ investment funds aren’t subject to surprise annual examinations, according to a new federal report. A study released last Monday by the Government Accountability Office found that, … Continued

SEC Risk Alert – Custody

posted in: Alert!, Custody | 0

The alert by the SEC’s Office of Compliance Inspections and Examinations (OCIE) comes after a review of recent examinations where significant deficiencies were identified showed custody-related issues in about one-third of the firms examined. The advisers’ deficiencies included: Failure to … Continued