Transcription of National Exam Program Risk Alert: Significant …
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National Exam Program Risk Alert: Significant …
1 By the Office of Compliance Inspections and Examinations1 Volume III, Issue 1 March 4, 2013 Significant Deficiencies Involving Adviser Custody and Safety of Client Assets One of the most critical rules under the Investment Advisers Act of 1940 ( Advisers Act ) is the custody rule,2 which is designed to protect advisory clients from the misuse or misappropriation of their funds and securities. Yet, the SEC s National Examination Program ( NEP ) has observed widespread and varied non-compliance with elements of the custody The NEP reviewed recent examinations that contained Significant deficiencies. Approximately one-third of them (over 140) included custody-related issues. In this Risk alert , the NEP staff shares the custody deficiencies observed, which we hope will assist investment advisers in complying with the custody rule.
•Use of “qualified custodians” to hold client assets. An adviser with custody generally must maintain client funds and securities at a qualified custodian (e.g., a bank or a broker-dealer), either in a separate account for the client under th e client’s name or in an
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