{"abstract":"The Securities and Exchange Commission is proposing amendments to the custody rule under the Investment Advisers Act of 1940 and related forms. The amendments, among other things, would require registered investment advisers that have custody of client funds or securities to undergo an annual surprise examination by an independent public accountant to verify client funds and securities. In addition, unless client accounts are maintained by an independent qualified custodian (i.e., a custodian other than the adviser or a related person), the adviser or related person must obtain a written report from an independent public accountant that includes an opinion regarding the qualified custodian's controls relating to custody of client assets. Finally, the amendments would provide the Commission with better information about the custodial practices of registered investment advisers. The amendments are designed to provide additional safeguards under the Advisers Act when an adviser has custody of client funds or securities.","action":"Proposed rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2009/05/27/E9-12182.html","cfr_references":[{"chapter":null,"citation_url":null,"part":275,"title":17},{"chapter":null,"citation_url":null,"part":279,"title":17}],"citation":"74 FR 25354","comment_url":null,"comments_close_on":"2009-07-28","correction_of":null,"corrections":[],"dates":"Comments must be received on or before July 28, 2009.","disposition_notes":null,"docket_ids":["Release No. IA-2876","File No. S7-09-09"],"dockets":[],"document_number":"E9-12182","effective_on":null,"end_page":25380,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2009/05/27/E9-12182.xml","html_url":"https://www.federalregister.gov/documents/2009/05/27/E9-12182/custody-of-funds-or-securities-of-clients-by-investment-advisers","images":{"EP27MY09.003":{"large":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_large.png","medium":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_medium.png","original_size":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_original_size.png"},"EP27MY09.002":{"large":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_large.png","medium":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_medium.png","original_size":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_original_size.png"},"EP27MY09.001":{"large":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_large.png","medium":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_medium.png","original_size":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_original_size.png"},"EP27MY09.000":{"large":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_large.png","medium":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_medium.png","original_size":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_original_size.png"}},"images_metadata":{"EP27MY09.003":{"large":{"identifier":"EP27MY09.003","content_type":"image/png","size":66131,"width":823,"sha":"7cd4296c5bd54f849a560ae5feda290e","url":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_large.png","height":899},"medium":{"identifier":"EP27MY09.003","content_type":"image/png","size":27870,"width":438,"sha":"c55dfd6068352617be937d7b4237f11f","url":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_medium.png","height":478},"original_size":{"identifier":"EP27MY09.003","content_type":"image/png","size":108125,"width":3309,"sha":"e6d16fcd6cea2a5b50199f8b05fdd250","url":"https://img.federalregister.gov/EP27MY09.003/EP27MY09.003_original_size.png","height":3614}},"EP27MY09.002":{"large":{"identifier":"EP27MY09.002","content_type":"image/png","size":100054,"width":823,"sha":"0126bd202a425f4c27e91503d473a1e8","url":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_large.png","height":1279},"medium":{"identifier":"EP27MY09.002","content_type":"image/png","size":40656,"width":433,"sha":"c92e641a866d6cbc024cf4bbfe785f7e","url":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_medium.png","height":673},"original_size":{"identifier":"EP27MY09.002","content_type":"image/png","size":156348,"width":3267,"sha":"bc5d0ad1dd6e27181cde0421b22ed855","url":"https://img.federalregister.gov/EP27MY09.002/EP27MY09.002_original_size.png","height":5076}},"EP27MY09.001":{"large":{"identifier":"EP27MY09.001","content_type":"image/png","size":99152,"width":823,"sha":"18fdf8aff330dcc4353951e1bad30933","url":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_large.png","height":1243},"medium":{"identifier":"EP27MY09.001","content_type":"image/png","size":44535,"width":454,"sha":"31ec3f81c3162bea9cfe857f01e808c6","url":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_medium.png","height":686},"original_size":{"identifier":"EP27MY09.001","content_type":"image/png","size":174471,"width":3429,"sha":"7b454d34a2ce214ffc8c80d4491c93b7","url":"https://img.federalregister.gov/EP27MY09.001/EP27MY09.001_original_size.png","height":5179}},"EP27MY09.000":{"large":{"identifier":"EP27MY09.000","content_type":"image/png","size":86547,"width":823,"sha":"66fc633f63395e7e0773adce4841d542","url":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_large.png","height":1183},"medium":{"identifier":"EP27MY09.000","content_type":"image/png","size":38527,"width":474,"sha":"9eb58c2e7477b9ac4a93f57ee236719e","url":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_medium.png","height":681},"original_size":{"identifier":"EP27MY09.000","content_type":"image/png","size":152765,"width":3576,"sha":"70f965926bff3c3e0c30c7c8c436f237","url":"https://img.federalregister.gov/EP27MY09.000/EP27MY09.000_original_size.png","height":5141}}},"json_url":"https://www.federalregister.gov/api/v1/documents/E9-12182?publication_date=2009-05-27","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2009-05-27/E9-12182/mods.xml","not_received_for_publication":null,"page_length":27,"page_views":{"count":1270,"last_updated":"2026-06-24 14:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2009-05-27/pdf/E9-12182.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2009-05-27","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2009/05/27/E9-12182.txt","regulation_id_number_info":{"3235-AK32":{"issue":"201004","html_url":"https://www.federalregister.gov/regulations/3235-AK32/custody-of-funds-or-securities-of-clients-by-investment-advisers","title":"Custody of Funds or Securities of Clients by Investment Advisers","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201004&RIN=3235-AK32&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AK32"],"regulations_dot_gov_info":{},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":25354,"subtype":null,"title":"Custody of Funds or Securities of Clients by Investment Advisers","toc_doc":"Custody of Funds or Securities of Clients by Investment Advisers","toc_subject":null,"topics":["Reporting and recordkeeping requirements","Securities"],"type":"Proposed Rule","volume":74}