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SEC Finds Investment Adviser Custody Rule Compliance Deficiencies

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March 7, 2013
Client Alert

The staff of the Securities and Exchange Commission recently issued a Risk Alert announcing that it has observed widespread compliance deficiencies related to Rule 206(4)-2 under the Investment Advisers Act of 1940. This rule sets forth requirements for SEC-registered investment advisers that have “custody” of client funds or securities. The SEC found that among recent examinations that contained deficiencies, approximately one third included custody rule-related issues.

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