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 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.
Outline
- SEC proposed changes to the Custody Rule
- Expanding rule coverage to other assets
- New exception parameters, including exclusion of physical assets
- Custody to include discretionary trading authority
- New Qualified Custodian requirements
- Required written custodian agreements
- Required written reasonable assurances from custodians
- Expansion of audit exemption
- New exceptions to surprise examination requirement
- New recordkeeping requirements and Form ADV disclosures
- Expanding rule coverage to other assets
- Custody of cryptocurrency and other digital assets
- Compliance timeline: What investment advisers and qualified custodians should do now
Benefits
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?
Faculty
Ryan F. Helmrich
Of Counsel
Greenberg Traurig
Mr. Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents, and other... | Read More
Mr. Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents, and other asset servicing providers on a broad range of investment management regulatory and transactional matters. He also counsels asset managers on a range of regulatory issues, including registration, interpretive guidance, new product development, regulatory examinations and enforcement actions. In addition to his general experience in asset management, Mr. Helmrich regularly represents financial institutions in lift-out transactions, master servicing arrangements, derivatives-trading arrangements, as well as other matters affecting their domestic and global asset-servicing activities (custody, administrative, sub-accounting, and transfer agency). He has deep private sector experience, having served as Director and Assistant General Counsel with Bank of America Merrill Lynch, where he advised the Chief Investment Office and global wealth management division, focusing on new product development and augmentation, cross-product issues, performance reporting and advertising, product supervision, risk management, internal audit, and compliance. He also led a legal team in the transition of legacy Merrill Lynch investment platforms, which included registered funds, 529 Plans and alternative investments, and supported the Wealth Management and U.S. Trust advisory platforms with new product origination, distribution, client and third-party relationships, and trading issues.
Close
Gregory Larkin
Partner
Goodwin Procter
Mr. Larkin focuses his practice on providing regulatory and compliance advice to financial services firms, particularly... | Read More
Mr. Larkin focuses his practice on providing regulatory and compliance advice to financial services firms, particularly investment advisers and sponsors of private investment funds and other pooled investment vehicles, including private equity funds, hedge funds, real estate funds, private credit funds, and infrastructure funds. He has worked primarily on regulatory issues relating to the Investment Advisers Act of 1940 and the Investment Company Act of 1940 in the context of investment adviser registration, regulation and reporting, private fund formation, SEC examinations, mergers and acquisitions, and financing transactions.
Close
Daniel G. Viola
Partner
Sadis & Goldberg
Mr. Viola is the Head of the Firm’s Regulatory and Compliance Group. He structures and organizes... | Read More
Mr. Viola is the Head of the Firm’s Regulatory and Compliance Group. He structures and organizes broker-dealers, investment advisers, funds and regularly counsels investment professionals in connection with regulatory and corporate matters.
CloseEarly 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.