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A registered investment adviser has custody if it holds, directly or indirectly, client funds or securities, or has any authority to obtain possession of them. Advisers that have custody of client funds or securities must undergo an annual surprise examination by an independent public accountant that verifies the client funds and securities over which the adviser has custody (with a few notable exceptions). The custody rule also imposes a set of requirements on accountants conducting the surprise examination that, among other things, obligates them to alert the SEC to any discrepancies the accountants identify.
The SEC has brought many enforcement cases against advisers that have had custody of client assets and failed to obtain an annual surprise examination, and the SEC’s own examination program makes verifying client assets and identifying lapses in custodial practices a priority. This Regulation of Custodial Practices outline offers expert guidance on custody of client assets from Robert Plaze, former Deputy Director of the SEC’s Division of Investment Management. Additional product resources assist attorneys in applying this knowledge when evaluating their clients’ custodial practices and compliance programs. READ NOW »
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