15 U.S.C. § 80b–18b — Custody of client accounts

submitted 86 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 40 words · no verdicts yet

in plain englishAI-generated · not legal advice

Investment advisers registered under this law must protect any client assets they hold in custody. The SEC can require steps like having an independent accountant verify those assets.

This section covers advisers who hold client assets in custody. A registered investment adviser must safeguard those assets the way the Commission requires by rule. The Commission's rules can include, but aren't limited to, requiring an independent public accountant to verify that the assets are really there.

the actual law source: uscode.house.gov ↗public domain

An investment adviser registered under this subchapter shall take such steps to safeguard client assets over which such adviser has custody, including, without limitation, verification of such assets by an independent public accountant, as the Commission may, by rule, prescribe.

Source credit: (Aug. 22, 1940, ch. 686, title II, § 223, as added Pub. L. 111–203, title IV, § 411, July 21, 2010, 124 Stat. 1577.)

history & why it existsrecord from the source credit

1940Enacted · Pub. L. 111-203 · 124 Stat. 1577

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 1940-08-22.

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