SEC Overhaul of the Custody Rule: Expanded Obligations for Investment Advisers and Qualified Custodians

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Tuesday, July 11, 2023

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, June 16, 2023

or call 1-800-926-7926

This CLE webinar will examine the SEC's recently proposed changes to the Custody Rule (into the new Safeguarding Rule) and the new requirements they impose on registered investment advisers (RIAs) and qualified custodians. The panel discussion will include the particular risks associated with crypto assets, real estate assets, loans, and other new categories of assets that will be subject to the Safeguarding Rule.


On Feb. 15, 2023, the SEC proposed amendments to the Custody Rule which, among other changes, convert the rule into the “Safeguarding Rule,” expand the rule’s application to a broader array of client assets, include discretionary authority in the definition of “custody,” and impose new requirements on qualified custodians.

Under the revised rule, any assets over which an RIA has “custody” (including discretionary trading authority) will be subject to the Safeguarding Rule. The proposed changes also include new requirements with respect to qualified custodians, including new requirements on investment advisers to receive written assurances from, and enter into written agreement with, qualified custodians with respect to, among other things, their safekeeping of client assets, indemnification, internal control reports, and segregation of client assets. The Safeguarding Rule would also expand the availability of the annual audit exemption and impose new recordkeeping requirements and Form ADV disclosures.

Once finalized, RIAs with at least $1 billion in assets under management would have 12 months and RIAs with $1 billion or less in assets under management would have 18 months to comply.

Listen as our authoritative panel discusses the proposed changes to the Custody Rule and implications for investment advisers and qualified custodians going forward.



  1. SEC proposed changes to the Custody Rule
    1. Expanding rule coverage to other assets
      1. New exception parameters, including exclusion of physical assets
    2. Custody to include discretionary trading authority
    3. New Qualified Custodian requirements
      1. Required written custodian agreements
      2. Required written reasonable assurances from custodians
    4. Expansion of audit exemption
    5. New exceptions to surprise examination requirement
    6. New recordkeeping requirements and Form ADV disclosures
  2. Custody of cryptocurrency and other digital assets
  3. Compliance timeline: What investment advisers and qualified custodians should do now


The panel will review these and other important issues:

  • What deficiencies in the current Custody Rule do the SEC's proposed Safeguarding Rule seek to correct?
  • What are the new types of assets that are being made subject to the Safeguarding Rule?
  • What common existing custodial arrangements will not be compliant with the Safeguarding Rule?
  • How will investment advisers be able to negotiate the required written assurances and contractual provisions with qualified custodians?
  • What new structures are likely to arise to avoid the Safeguarding Rule?
  • What are the recordkeeping requirements under the proposed rules?


Helmrich, Ryan
Ryan F. Helmrich

Of Counsel
Greenberg Traurig

Mr. Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents, and other...  |  Read More

Larkin, Gregory
Gregory Larkin

Goodwin Procter

Mr. Larkin focuses his practice on providing regulatory and compliance advice to financial services firms, particularly...  |  Read More

Viola, Daniel
Daniel G. Viola

Sadis & Goldberg

Mr. Viola is the Head of the Firm’s Regulatory and Compliance Group. He structures and organizes...  |  Read More

Attend on July 11

Early Discount (through 06/16/23)

Cannot Attend July 11?

Early Discount (through 06/16/23)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video