SEC Adopts Revised Custody Rule Enhancing Controls That Apply To Registered Investment Advisers

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On December 16, 2009, the Securities and Exchange Commission (the “SEC” or “Commission”) approved the adoption of amendments to Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Advisers Act”), which relates to custody of client assets. The final rule was published on December 30, 2009 and will become effective 60 days after publication. The SEC’s long-anticipated action affirms the Commission’s renewed focus on regulating investment advisers and providing additional safeguards for investors entrusting their money and securities with SEC registered investment advisers.

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