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News January 14, 2019 Issue

‘Comprehensive Overhaul’ of Custody Rule Urged by IAA

The Investment Adviser Association wants the SEC to consider a “comprehensive overhaul” of Advisers Act Rule 206(4)-2, the Custody Rule, which would, among other things, limit the Rule to risks presented by “actual physical custody.” Other proposed changes included considering circumstances when surprise examinations might not be required, and excepting certain clients or services from the Rule’s requirements.

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