Safeguarding Advisory Client Assets

Document 2023-03681 is a Proposed Rule published by the Securities and Exchange Commission in the Federal Register on March 9, 2023. The Securities and Exchange Commission ("Commission" or "SEC") is proposing a new rule under the Investment Advisers Act of 1940 ("Advisers Act" or "Act") to address how investment advisers safeguard client assets. To effect our redesignation of the current custody rule for the proposed new safeguarding rule, we are proposing to renumber the current rule. In addition we are proposing to amend certain provisions of the current custody rule for enhanced investor protections. We also are proposing corresponding amendments to the recordkeeping rule under the Advisers Act and to Form ADV for investment adviser registration under the Advisers Act. View the original at https://www.federalregister.gov/documents/2023/03/09/2023-03681/safeguarding-advisory-client-assets.

No. Document 2023-03681 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.