Investment Adviser Custody Rule Causing Headaches for Advisers

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The SEC is warning advisers that it is increasingly finding violations of the custody rule, which is designed to protect advisory clients from the misuse or misappropriation of their funds and securities. In fact, a review of recent examinations that contained significant deficiencies revealed that approximately one-third (over 140) included custody-related issues.

According to the SEC Risk Alert, the custody-related deficiencies can be grouped into four categories:

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Published In: Business Organization Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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