5c. IA - Custody: How to Comply or Avoid It (Basic)

Custody rules and regulations for investment advisors are confusing, and they go far beyond just having physical possession of funds.  The application of the rule involves significant traps for the weary.   This session will focus on current staff guidance and real-life examples based on results from SEC examinations.  This training will consolidate the guidance on Custody, including SEC guidance regarding standing letters of authorization and inadvertent custody, and provide you with information about Custody in the most simple, practical format.   Emphasis will be placed on actions that the Compliance function might undertake to confirm compliance with custody requirements as part of its annual review and otherwise.  This session is open to regulators but closed to members of the press.

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