Regulatory Alerts2004-12-31
Added · Updated
Winter 2004 Securities Bulletin
The Connecticut Department of Banking issued an Order updating custody requirements for state-registered investment advisers, mandating that they notify the Commissioner, maintain client assets with qualified custodians, and provide quarterly account statements. The Order requires independent verification of client funds by a certified public accountant if statements are sent by the adviser, and imposes specific safeguards for direct fee deductions and pooled investments. Additionally, the Department issued policy statements advising that ethical concerns be integrated into supervisory procedures rather than requiring a separate code of ethics, and declined to promulgate a regulation mirroring the SEC's requirement for a designated compliance officer.
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