RegAlert2016-10-04
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SEC Division of Investment Management staff letter: Robert Van Grover, Esq., Seward & Kissel LLP
The staff extends no-action relief regarding the Custody Rule until December 31, 2019, or until the Commission approves a PCAOB-adopted permanent inspection program for broker and dealer auditors, whichever occurs earlier. This extension applies to investment advisers engaging auditors registered with the PCAOB to perform surprise examinations, prepare internal control reports, or audit pooled investment vehicles. The relief remains in effect as long as the PCAOB maintains its Temporary Rule for inspecting auditors of brokers and dealers, and ceases if that Temporary Rule is withdrawn or disapproved.
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Investment Advisers Act of 1940 – Section 206(4) and Rule 206(4)-2 Robert Van Grover, Esq., Seward & Kissel LLP
October 4, 2016
INVESTMENT ADVISER REGULATION OFFICE DIVISION OF INVESTMENT MANAGEMENT
On three prior occasions, the staff of the Division of Investment Management (the “staff” or “we”) provided you with no-action relief concerning the performance of certain engagements under Investment Advisers Act rule 206(4)-2 (the “Custody Rule”) by auditors engaged to audit the financial statements of a broker or a dealer. [1] Absent adoption by the Public Company Accounting Oversight Board (“PCAOB”) of a permanent program for the inspection of broker and dealer auditors, the no-action position taken in the most recent no-action letter expires on December 31, 2016. This letter extends that no-action relief until December 31, 2019 or a date earlier when the Commission approves a PCAOB-adopted permanent program.
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