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Custody Rule Plan Changes Are 'Mind Boggling': SEC Roundup

by Nick Morgan and Tom Zaccaro

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Welcome to SEC Roundup, a bimonthly video series by former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Choice Advocates Network.

Morgan and Zaccaro explore current SEC topics with thought leaders and industry experts.

In this episode, the two attorneys talk with Gail Bernstein, general counsel for the Investment Adviser Association in Washington, about the controversial SEC plan to replace the current advisor Custody Rule with a new Safeguarding Client Assets rule.

The extent of the changes in the 434-page proposal are “absolutely mind boggling,” Bernstein said, “not just as to scope but as to what is going to be required operationally.”

The plan will also add to the “crushing weight” small advisors face now with other SEC compliance burdens, Bernstein said.

See the video above for the discussion with Bernstein.

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