SEC Reopens Comment Period for RIA Investment Custody Rule
The U.S. Securities and Exchange Commission reopened the comment period on a proposed rule to redesignate and amend the current custody rule on how registered investment advisors handle and maintain client assets. The comment period had ended on May 8 but will now be open another 60 days from the reopening release’s date of publication in the Federal Register. The proposed amendment to what is known as the “custody rule” for advisor-led investing, but would be changed to the “safeguarding rule,” would expand the rule’s application beyond just securities and funds to all assets in a custodian’s custody.
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