Tag:investment company act

United States: Hold On! SEC Proposes Updates to Custody Rules

Oct 02 2026

By: Thoreau A. Bartmann, Lance C. Dial, Jon-Luc Dupuy, and Pablo J. Man

The United States Securities and Exchange Commission (SEC) has long been concerned with investment advisers having access to client assets and investment companies’ safeguarding of fund assets. The custodial framework for investment companies dates back to 1941, and Rule 206(4)-2 (the Custody Rule) for investment advisers was adopted in 1962. Despite amendments and SEC staff guidance over the years, critics argue these rules have not been sufficiently flexible to evolve with modern markets, particularly digital assets.

United States: Amendments to the Names Rule

Sep 21 2023

By: Abigail Hemnes, George Zornada, Franklin Na, Donela M. Qirjazi and Christine Mikhael

On 20 September 2023, the SEC adopted amendments to the Names Rule (35d-1) that will significantly expand the Names Rule’s applicability and will require all funds to consider whether changes are required to their names, 80% policies, disclosures, compliance tests, and reporting requirements.