Summary
The SEC proposed draft rule IA-7023 governing investment advisers' and regulated funds' custody of crypto assets, involving amendments to the Investment Company Act and Advisers Act, and is a proposal rather than an effective rule. The draft introduces two custody paths: a redesigned adviser custod…
Key points
- Advisers and fund clients can use this to anticipate changes in compliance options and governance costs for crypto custody.
- If finalized, the custody rules will clarify feasible structures and internal control thresholds for advisers and funds holding crypto assets.
- Investment advisers and funds must assess the strict conditions for self-custody and the state trust company option, and reserve governance and security preparation for future compliance dates.
Editorial note
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