CLIENT ALERT - SEC Guidance Expands Custodial Exemptions To Certificated Private Securities
The SEC has confirmed in newly released guidance that, for purposes of Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Custody Rule”), securities acquired by private equity funds and other pooled investment vehicles managed by a registered investment adviser will be treated similarly, whether or not they are certificated, and consequently certificated securities are not required to be maintained with a qualified custodian. For further information, please click here.
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