Monetary companies commerce teams are urgent the Securities and Trade Fee to increase the remark interval on its controversial custody rule plan by 60 days.
The 12 teams — which embrace the Securities Trade and Monetary Markets Affiliation, the Funding Adviser Affiliation and the Funding Firm Institute — acknowledged in a letter that the SEC plan is “broad based mostly, advanced, and technical, proposing adjustments that can drastically and completely alter the custody enterprise mannequin and the prevailing marketplace for custody companies.”
The SEC on Feb. 15 launched the plan for a 60-day remark interval.
The proposal, the teams advised the SEC, “would broaden the appliance of the present funding adviser custody rule, increasing its protection from funds and securities to all shopper belongings, amend the definition of certified custodian, and make a number of different necessary adjustments.”
