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How the SEC’s custody rule impacts private fund advisers
One of the more significant rules under the regulatory framework for investment advisers is the so-called “Custody Rule” (Rule 206(4)-2 under the Investment Advisers Act).
This FS Regulatory Brief describes the Custody Rule and some considerations for private fund advisers. It will be particularly helpful to private fund advisers that are preparing to register as advisers with the SEC, and complements our earlier A Closer Look pieces on the impact of Dodd-Frank on asset managers, including SEC Adopts Final Rule for Investment Adviser Registration (July 2011) and Impact on Advisers to Private Equity Funds (May 2011).
