The SEC has recently voted to reopen the comment period for its February 2023 proposal, Safeguarding Advisory Client Assets, which proposed a new rule under the Investment Advisers Act of 1940 that would redesignate and update the current custody rule to improve protections of customer assets managed by registered investment advisers. In compliance with the audit provision of the current custody rule, the adoption of the private fund adviser audit rule generally requires a registered investment adviser to obtain an annual financial statement audit of each private fund it advises. Reopening the comment period provides interested parties with additional time to review the proposed amendments to the current custody rule’s audit provision under the private fund adviser audit rule. The rule initially was proposed by the SEC on February 15, 2023 with a comment period that ended on May 8, 2023. Continue reading "SEC Reopens Comment Period for Proposed..." »

On September 1st, the SEC released an order that directs the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to file a new national market system plan (NMS plans). The order would replace the three current NMS plans that regulate the public dissemination of real-time, consolidated equity market data for national market system stocks. Continue reading "SEC Directs Equity Exchanges and FINRA to..." »