Implementing 2017 SEC Custody Guidance: A Panel Discussion

In February, the SEC offered long-awaited clarity on the issue of custody through a no-action letter to the Investment Adviser Association, updated FAQ guidance, and an interpretive Guidance Update.

Collectively, the information helped offer a clearer view of a topic that is often murky. On March 24, Ascendant rounded up an all-star lineup to analyze the new guidance and offer advisers key takeaways. Panelists include Christopher Gilkerson, SVP & General Counsel, Charles Schwab & Co.; Laura L. Grossman, Assistant General Counsel, Investment Adviser Association; Robert E. Plaze, Partner, Proskauer Rose LLP, and Jacqueline Hallihan, Partner, Ascendant Compliance Management.

The ComplianceCast webinar, “Implementing Recent SEC Custody Guidance: Analysis, Practical Implications, Next Steps,” is now available.

To request a download, click here.

This ComplianceCast will address the complex custody topic, with new coverage of the following:

  • SLOAs (authority to transfer client money to a third party)
  • First-Person Transfers (authority to transfer money to the same client)
  • Custodial Agreement Provisions with Advisory Clients (which impute advisers with custody)
  • Avoid Inadvertent Custody with Written Consent

Analyzing Recent SEC Guidance:

  • Investment Adviser Association No-Action Letter, February 21, 2017
  • IM Guidance Update February 2017, “Inadvertent Custody: Advisory Contract versus Custodial Contract Authority.”
  • FAQs, prior no-action letters

Next steps: Good-faith effort and timing; adapting policies and procedures, written consent and IMAs.
Bonus coverage of more industry questions.

Subscribe to CSS Blog

CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.

Loading form...

Post Info

Posted on Ascendant Compliance
CSS Blog Legacy Blog

Latest Content

How Can a Small Advisory Practice Economically Be as Cyber-Secure as Possible?

Cybersecurity is a risk that applies to firms both large and small without discrimination. Even very small advisory firms, which I’ll define as having one to five staff for purposes of this discussion, have a wealth of information worth safeguarding. Cybercrime is often a crime of opportunity. Hackers are metaphorically going door to door (computer … Continued

Will We See Liquidity Risk Management Programs in Europe Soon?

In an article posted by Ignites Europe, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg declared that it has “stepped up its supervisory focus on the liquidity aspects that are related to the recent developments” of Neil Woodford’s flagship fund and H2O Asset Management, an affiliate of Natixis Asset Management. In the U.S., … Continued