The U.S. Securities and Exchange Commission, by a vote of four-to-one, proposed a major overhaul of the investment adviser custody rule on February 15, 2023. The proposal would amend and redesignate Rule 206(4)-2 under the Investment Advisers Act of 1940 (Custody Rule), as new Rule 223-1 under Section 223 of the Advisers Act (Proposed Rule).
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