SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule
The Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new Rule 223-1 under the Advisers Act (the “Safeguarding Rule”) applicable to SEC-regis...