Securities and Exchange Commission: Custody of Funds or Securities of Clients by Investment Advisers
GAO-10-363R: Jan 26, 2010
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) new rule on custody of funds or securities of clients by investment advisers. GAO found that (1) the final rule amends the custody and recordkeeping rules under the Investment Advisers Act of 1940 and related forms by providing additional safeguards when a registered adviser has custody of client funds or securities; and (2) SEC complied with applicable requirements in promulgating the rule.