Public Policy

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Issue

SEC’s Proposed Amendment to Its Custody Rule

May 20, 2009

On May 20, 2009, the Securities and Exchange Commission (SEC) proposed amendments to Rule 206(4)-2, relating to custody of client assets, under the Investment Advisers Act of 1940. The definition of custody would continue to include arrangements in which a registered adviser is authorized or permitted to withdraw client funds or securities maintained with a custodian upon the adviser’s instruction to the custodian. CFP Board submitted comments to the SEC in a letter dated July 28, 2009, that focused on two of the proposed amendments.

Read CFP Board’s letter (PDF, 91KB)


 

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CFP Board, the Financial Planning Association®, and the National Association of Personal Financial Advisors are working together as the Financial Planning Coalition to pursue consumer protection and industry reform.

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