Reopening of Comment Period on Proposed Rule to Enhance Protections of Customer Assets Managed by Registered Investment Advisers

The Securities and Exchange Commission (SEC) has reopened the comment period on its February 15, 2023 proposed rule that would amend and redesignate the current custody rule under the Investment Advisers Act of 1940 aimed at providing increased protection of customer assets managed by registered investment advisers. The initial comment period ended on May 8, 2023, and the reopening of the comment period provides interested persons additional time to review the issues and submit their comments in light of the final rules and amendments to certain rules under the Investment Advisers Act of 1940 that are specific to private fund advisors. The reopened comment period will remain open until 60 days after the date of its publication in the Federal Register.