Category Archives: Custody
Is your federally registered investment adviser firm ready for the SEC’s new custody rule? Join us Thursday, February 25, 2010 for our webinar exploring the new SEC requirements for investment adviser firms with custody. We will be discussing many common investment adviser practices that result in custody as defined by the SEC and answer pressing [...]
Posted by Bryan Hill
Sunday, February 14, 2010
In order to trade or otherwise access a client’s account held by a custodian, a registered investment adviser must be granted written authorization by the client. Such authorization is generally granted in the form of a power of attorney. Although a power of attorney over a client’s account is necessary for a registered investment adviser [...]
Earlier this year, the U.S. Securities and Exchange Commission (“SEC”) proposed new requirements for registered investment advisor firms that have custody of clients funds and securities. According to current SEC Rule 206(4)-2, Custody or Possession of Funds of Securities of Clients, custody is defined as “holding, directly or indirectly, client funds or securities, or having [...]
Posted by Bryan Hill
Monday, September 21, 2009
In a recent speech at the North American Securities Administrators Association (“NASAA“) annual conference, Texas Securities Commissioner, Denise Voigt Crawford who is the incoming NASAA President, revealed that the SEC might raise the asset under management (“AUM“) threshold for SEC registration of investment advisers from $25 million to $100 million, and NASAA supports such a [...]
Posted by Bryan Hill
Saturday, September 19, 2009
In response to the proposal by the U.S. Securities and Exchange Commission (“SEC”) to require federally registered investment advisers with custody of client funds or securities to undergo an annual surprise audit by an independent public accountant, the North American Securities Administrators Association (“NASAA”) surprisingly weighed in favor of the investment advisory industry. NASAA urged [...]
Last month, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to the custody rule under the Investment Advisers Act of 1940, which the SEC explained are designed to increase protections for investors who entrust their funds and securities to registered investment advisers. According to the proposed rule changes, all SEC registered investment advisers will [...]
According to a recent article in Investment News which quotes an official of the Financial Planning Association (“FPA”), the chairman of the U.S. Securities and Exchange Commission (“SEC”), Mary Schapiro, is backing off of her previously discussed, but never formerly considered by the SEC, proposal to require each federally registered investment adviser to engage a [...]
In light of the recent proposal by the U.S. Securities and Exchange Commission (“SEC”) to require federally registered investment advisers, whose client assets are not held or controlled by a qualified custodian independent of the investment adviser, to obtain annually a SAS 70 Type II audit report from a PCAOB registered and inspected accountant, RIA [...]
During an open meeting yesterday, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Rule 206(4)-2 which, according to the SEC, are designed to increase protections for investors who entrust their funds and securities to registered investment advisers. The proposed changes would require all federally registered investment advisers that have custody, as defined under [...]
The Securities and Exchange Commission (“SEC”) has announced that the Commission will consider whether to propose amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 during its open meeting scheduled for Thursday, May 14, 2009. The agenda posted for this SEC open meeting explains that “[t]he proposed amendments would enhance the protections provided [...]
|
