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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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.
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Businesses operating in California will need to meet new, first-in-the-nation privacy requirements for cybersecurity, risk assessments, and automated decision-making technology, under a large expansion of rules by the state.
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