Custody Rule Guidance
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FAQ
The custody rule requires an adviser that has custody of client assets to maintain those assets with a "qualified custodian" such as a bank, broker-dealer, or futures commission merchant, and to have a reasonable basis for believing the custodian sends quarterly account statements directly to the clients.
Under the Safeguarding Rule, a qualified custodian must maintain ?possession or control? of client assets, which means that: The qualified custodian is required to participate in any change in beneficial ownership of those assets.
Since its initial adoption in 1962, Rule 206(4)-2 under the Advisers Act (the ?current custody rule?) has required investment advisers to safeguard client funds and securities in their possession or where they have authority to obtain possession of them.
Custody is defined as ?holding, directly or indirectly, client funds or securities or having any authority to obtain possession of them.? An RIA is deemed to have custody if it has possession or control over client assets, authority to withdraw funds from client accounts or acts in a capacity that grants access to or ...
Specifically, the rule dictates that RIAs must: Maintain client assets and securities with a financial institution or entity that meets the criteria to be a qualified custodian. Notify clients in writing of the custodian's name, address and the way in which assets are held.