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.