The Securities and Exchange Commission has settled allegations of violations of its Custody Rule with five registered investment advisors working with private funds. It is the latest sign that the issue remains a top compliance priority as the agency moves forward with an expansion of the rule’s scope.
The agency announced fines totaling more than $500,000 stemming from alleged compliance failures that involved issues like a firm not performing a required audit and not updating their Form ADV regulatory filings to reflect…
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