![]() Consideration of Promotion of Efficiency, Competition, and Capital Formation.Delivery of Account Statements to Clients.Supplementary Information: The Commission is adopting amendments to rule 206(4)-2 1 under the Investment Advisers Act of 1940 (the "Advisers Act" or "Act") and to Part 1A, Item 9 and Part II, Item 14 of Form ADV. Sawin, Assistant Director, at 20 or Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D.C. Compliance Date: April 1, 2004.įor Further Information Contact: Vivien Liu, Senior Counsel, or Jennifer L. The amendments are designed to enhance protections for client assets while reducing burdens on advisers that have custody of client assets.ĭates: Effective Date: November 5, 2003. ![]() The amended rule also provides a definition of "custody" and illustrates circumstances under which an adviser has custody of client funds or securities. The amendments modernize the rule by conforming the rule to modern custodial practices and requiring advisers that have custody of client funds or securities to maintain those assets with broker-dealers, banks, or other qualified custodians. Summary: The Commission is adopting amendments to the custody rule under the Investment Advisers Act of 1940. Securities And Exchange Commission 17 CFR Parts 275 and 2-AH 26 Custody of Funds or Securities of Clients by Investment AdvisersĪgency: Securities and Exchange Commission (the "Commission"). Final Rule: Custody of Funds or Securities of Clients by Investment Advisers Release No.
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