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Description

Closed consultation on SEC proposed rulemaking on Safeguarding Advisory Client Assets

On 8 May 2023, the public consultation closed on the Securities and Exchange Commission's (SEC) proposed rulemaking on Safeguarding Advisory Client Assets. The stated goal of the proposed rules, according to the SEC, is the increased protection of investors' assets by registered investment advisers, as these would have to provide for a higher level of custodial protection when dealing with clients' assets. This increased protection would be achieved by proper segregation of assets in different accounts to protect the assets in the case of insolvency of the registered investment adviser. The rules would represent an amendment to rule 206(4)-2 of the Investment Advisers Act of 1940.

Original source

Scope

Policy Area
Consumer protection
Policy Instrument
Quality of Service requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2023-02-15
under deliberation

On 15 February 2023, the Securities and Exchange Commission (SEC) published its proposal on new saf…

2023-03-09
in consultation

On 9 March 2023, the public consultation opened on the Securities and Exchange Commission (SEC) pro…

2023-05-08
processing consultation

On 8 May 2023, the public consultation closed on the Securities and Exchange Commission's (SEC) pr…

2023-09-03
in consultation

On 3 September 2023, the US Securities and Exchange Commission (SEC) re-opened the consultation for…

2023-10-30
processing consultation

On 30 October 2023, the US Securities and Exchange Commission (SEC) closed the consultation for the…