SEC Reopens Comment Period for Proposed Rule on Safeguarding Customer Assets

The SEC announced that it has reopened the comment period for its proposed rule that would amend the Investment Advisers Act of 1940 “to address how investment advisers safeguard client assets.” The Commission’s goal in reopening the comment period is to ”allow interested persons additional time to assess the proposed amendments to the current custody rule’s audit provision in light of the private fund adviser audit rule.”

For more information, see the press release and fact sheet on the SEC’s Web site