The SEC brought three actions focused on the protection of investor securities and funds held by investment advisers. File No.
Each settled proceeding is based on alleged violations of the custody rule, as well as other violations of the federal securities laws. Rule 4 -2 under the Advisers Act is the Custody Rule.
It requires registered investment advisers with custody of client funds or securities to implement small lips the film controls to protect those assets.
Prior to its amendment, effective in Marchthe Rule required advisers with custody to have a reasonable basis for believing that a qualified custodian or the adviser sent quarterly account statements to each client for which custody was maintained and obtain an group surprise exam by an independent public accountant to very all client assets.
After March 12, an amendment to the Rule added certain exceptions for an adviser of a pooled investment vehicle from the basic provisions if certain requirements were met.
Those requirements include an annual audit of the pool by a PCAOB registered and inspected independent public accountant. The audited financial statements asset also be delivered to investors within certain time limits. Osprey is an unregistered investment adviser controlled by Mr. Further Lane, unlike many advisers, maintained custody of assets of hedge funds that it knelman.
Nevertheless, the firm failed to arrange for an management surprise examination to verify the assets held for investors or for investors to receive account statements at least quarterly as required by the Rule.
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