Custody Rule Reform: SEC Seeks Input on Non-DVP Practices, Digital Assets

The SEC staff, in what might be considered a prelude to reform of Advisers Act Rule 206(4)-2, the Custody Rule, on March 12 issued a public letter to the Investment Adviser Association seeking answers to questions involving a certain type of custodial practice, as well as questions related to custody of digital assets. Reform of the Rule is listed on the agencys long-term regulatory agenda, and the letter should be a welcome sign to those calling for the SEC to move forward.
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