SEC Division of Investment Management staff letter: Robert Van Grover Esq., Seward & Kissel LLP

The staff of the Division of Investment Management is requested to extend its no-action position regarding the Custody Rule until a PCAOB-adopted permanent inspection program for broker and dealer auditors takes effect. This relief applies to investment advisers engaging auditors not subject to regular PCAOB inspection to audit pooled investment vehicles under the Annual Audit Provision. The previous no-action position was set to expire on December 31, 2019, due to the absence of a permanent PCAOB inspection program.

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SEWARD & KISSEL LLP

ONE BATTERY PARK PLAZA
NEW YORK, NEW YORK 10004

ROBERT B. VAN GROVER
PARTNER
(212) 574-1205 vangrover@sewkis.com

TELEPHONE: (212) 574-1200
FACSIMILE: (212) 480-8421
WWW.SEWKIS.COM

901 K STREET, NW
WASHINGTON, DC 20001
TELEPHONE: (202) 737-8833
FACSIMILE: (202) 737-5184

October 25, 2019

Investment Advisers Act/Rule 206(4)-2

Jennifer Songer
Branch Chief, Investment Adviser Regulation Office U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 E-mail: songerj@SEC.GOV

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