Regulatory Alerts2022-11-16 | 2022-23694Added · Updated
Outsourcing by Investment Advisers
The Securities and Exchange Commission proposes a new rule under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services without meeting minimum oversight requirements. The proposal mandates that advisers conduct thorough due diligence prior to engaging service providers and periodically monitor their performance to ensure continued appropriateness of the outsourcing arrangement. Additionally, the Commission seeks amendments to Form ADV and the books and records rule to collect census data on service providers and require due diligence for third parties maintaining adviser records.
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