03.06.23
Industry Groups Press SEC To Extend Custody Rule Comment Period
by: Melanie Waddell
An alliance of 12 financial services trade groups are pressing the U.S. Securities and Exchange Commission (SEC) to extend the comment period on its custody rule plan by 60 days. The SEC released the proposal on Feb. 15 for a 60-day comment period. The proposal, the groups wrote to the SEC, “would broaden the application of the current investment advisor custody rule, expanding its coverage from funds and securities to all client assets, amend the definition of qualified custodian and make several other important changes.” Registered investment advisors and financial institutions serving as qualified custodians, the groups wrote, “will need time to vet the proposal internally and to consult with one another and with sub-custodians and other parties that will be impacted by the proposal.”
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