On December 30, 2009, the Securities and Exchange Commission (SEC) published a final rule release (Release) adopting amendments (Rule Amendments) to the custody and recordkeeping provisions of Rule 206(4)-2 and Rule 204-2 under the Investment Advisers Act of 1940 (Advisers Act), respectively.1 The SEC’s stated goal for the Rule Amendments is to enhance the safekeeping of investors’ assets. Registered investment advisers (RIAs) may need to update their partnership agreements, fund documentation, GAAP compliance, and compliance policies and procedures to ensure conformity with the Rule Amendments, as well as update their Form ADV disclosures. Although exemptions are available, RIAs are cautioned to carefully review their requirements before relying on them. The Rule Amendments generally took effect on March 12, 2010, with some exceptions regarding compliance dates.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.