SEC finds erroneous compliance with custody rule among advisers

03/4/2013 | Reuters · InvestmentNews (free registration) · AdvisorOne

The Securities and Exchange Commission has discovered compliance deficiency in one-third of investment advisers reviewed regarding a rule governing the custody of clients' funds. "We take deficiencies in this area very seriously and want to put advisers on alert about the importance of complying with the custody rule," said Carlo di Florio, director of the SEC Office of Compliance, Inspections and Examinations.

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Reuters · InvestmentNews (free registration) · AdvisorOne

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