News & Insights: Custody

SEC Charges Five Advisory Firms for Custody Rule Violations

On September 5, 2023, the SEC charged five investment firms who failed to comply with requirements regarding safekeeping of client assets, and/or to timely update disclosures relating to audits of financial statements for private fund’s they advise.

SEC Proposes Rule Changes Related to Custody of Client Assets

On February 15, 2023, the SEC proposed rule changes intended to strengthen custody protections for client assets managed by RIAs. The proposed amendment and redesignation of the Custody Rule (Rule 206(4)-2), as the Safeguarding Rule (Rule 223-1), expands current protections to cover more client asset types and impacts related recordkeeping and reporting requirements.

SEC Charges Two Advisory Firms for Custody Rule Violations Among Other Violations

On September 9, 2022, the SEC charged several investment advisers who failed to comply with requirements regarding safekeeping client assets.

Compliance Considerations for RIAs and BDs Trading Digital Asset Securities

Digital assets continue to be a hot topic among regulators as these securities gain momentum in the marketplace.

OCIE Risk Alert: common compliance program issues

OCIE released a Risk Alert outlining common compliance concerns among registered investment advisers. The list was compiled based on recent compliance examinations of advisers.

OCIE examiners report common branch office compliance deficiencies

The OCIE released a new Risk Alert outlining recent observations from examinations of SEC-registered investment advisers.

Adviser Fined $60,000 for Custody Rule Violation

On May 22, 2020, the SEC published information on an enforcement action against a registered investment adviser. The firm was investigated, and subsequently disciplined by the SEC for violating the Custody Rule.

SEC Updates Custody Rule FAQs to Address COVID-19 Concerns

The SEC updated FAQs on custody rule requirements in response to the pandemic.

SEC Charges Stock Trader with Insider Trading

The SEC charged a stock trader with generating over $1 million in illegal insider trading profits.  Defendant collaborated with four former colleagues, posing as portfolio managers, to persuade investment bankers to share nonpublic information regarding upcoming secondary offerings.

PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds

The SEC charged a registered investment adviser (“the RIA”) and its principal (collectively, “Respondents”) with improperly allocating fees and expenses to two private equity funds (collectively, “the Funds”) managed by Respondents. 

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