Investment Advisers and the Custody Rule: New SEC Guidance and Actions to Take Now
Standing Letters of Authorization, Imputed Custody, and Disclosure Requirements
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will examine the Custody Rule as currently interpreted and enforced under the Investment Company Act of 1940 (the Act). The panel will discuss recent SEC guidance on imputed custody and standing letters of authorization, disclosure requirements, and best practices for investment advisers.
- The Custody Rule post-Madoff
- Disclosure, recordkeeping and other requirements under the Custody Rule
- 2017 guidance regarding imputed custody
- 2017 no-action letter regarding SLOAs
- Best practices for avoiding the Custody Rule
- Amendments to existing agreements
- Revisions to forms
- Actions to mitigate against enforcement actions under the Custody Rule
The panel will review these and other key issues:
- What are the common areas of misunderstanding with regard to the Custody Rule?
- When might an investment adviser be deemed to have imputed custody of client assets?
- What actions should investment advisers be advised to take in light of the SEC no-action letter regarding SLOAs?
- How might recent SEC guidance affect investment adviser disclosures going forward?
Edwin C. (Ted) Laurenson
McDermott Will & Emery
Mr. Laurenson focuses his practice on investment management matters, including private investment funds,... | Read More
Mr. Laurenson focuses his practice on investment management matters, including private investment funds, investment companies registered under the Investment Company Act of 1940 and the registration and compliance obligations of investment managers and the funds they manage. He also advises on so-called "inadvertent investment company" issues, filing and disclosure requirements that apply to securities investors and traders, and broker-dealer regulation. His publications include book chapters and articles on the SEC's custody rule under the Investment Advisers Act, private fund regulation, family offices, the regulation of private offerings and compliance considerations for banks dealing with hedge funds.Close
Anastasia T. Rockas
Skadden Arps Slate Meagher & Flom
Ms. Rockas focuses her practice on private investment funds and private equity investments. Her private investment fund... | Read More
Ms. Rockas focuses her practice on private investment funds and private equity investments. Her private investment fund practice comprises representing sponsors in forming domestic and offshore funds, such as leveraged buyout funds, venture capital funds, real estate funds, hedge funds, debt funds, hybrid funds, captive funds, and other private equity funds, including those targeted to particular industries, countries or regions. She represents significant investors such as large family offices and sovereign wealth funds in all aspects of their investments in private funds.Close
Kevin P. Scanlan
Kramer Levin Naftalis & Frankel
Mr. Scanlan advises clients on structuring, forming and investing in international and domestic private investment... | Read More
Mr. Scanlan advises clients on structuring, forming and investing in international and domestic private investment funds, including hedge funds, private equity funds, real estate funds, venture capital funds and fund-of-funds. In addition, he advises funds in connection with their subsequent investment activities. He represents large, well-established funds and managers as well as first-time funds of high-quality emerging managers.Close