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Legal Update

US SEC Amends Custody Rule for Registered Investment Advisers

27 January 2010
Mayer Brown Legal Update

US Securities and Exchange Commission has voted to adopt amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 — the “Custody Rule” for registered investment advisers (RIAs). Among other things, the amendments will require surprise examinations and SAS 70 reports for certain RIAs based on their custody of client assets. In light of the expansive changes to the Custody Rule, this Client Update provides a summary of the full scope of the amended rule.

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