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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-02-15T22:24:00
The Securities and Exchange Commission (SEC) proposed registered investment advisers (RIA) be required to place nearly any asset, not just cash and securities, with qualified custodians, thereby expanding the scope of client assets.
The proposed changes to the SEC’s custody rule would require hedge funds, pension funds, or other RIAs to place any type of asset under their control with a qualified custodian. This would include federal and state banks, credit unions, broker-dealers, and trusts. While the proposed rule does not specifically single out cryptocurrencies as assets subject to additional oversight, it’s clear from comments crypto products are in the agency’s crosshairs.
Along with the expansion of the custody rule, the proposal would:
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News and analysis for the well-informed compliance or audit exec.
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2023-09-06T20:36:00Z By Kyle Brasseur
The Securities and Exchange Commission announced penalties against five investment advisers as part of its second targeted sweep regarding violations of its custody rule and Form ADV requirements.
2023-04-12T16:25:00Z By Aaron Nicodemus
SEC Commissioner Hester Peirce warned about “potential pitfalls” with structured data, which regulators and lawmakers have embraced as a way to make data accessible and easy to use.
2023-02-08T21:13:00Z By Aaron Nicodemus
The Securities and Exchange Commission’s 2023 examination priorities report laid out areas under the microscope this year, including compliance with the agency’s Marketing Rule and Regulation Best Interest.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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