Custody Requirements for Registered Investment Advisors

Tuesday, April 13, 2010
10 a.m. CDT
Web seminar

View recording of this Web seminar

Read the Q&As from this Web seminar

Please join McGladrey & Pullen for a Web-based roundtable discussion concerning the significance of the “Custody Rule,” formally known as Rule 206(4)-2 by the Securities and Exchange Commission (SEC).

Late last year, the SEC finalized amendments to the custody requirements of Rule 206(4)-2 under the Investment Advisers Act, effective March 12, 2010. Experienced professionals from the McGladrey & Pullen team will discuss the amendments’ far-reaching implications and their key provisions that asset management professionals need to understand, including:

• Definition of “custody” in terms of clients’ assets
• Independent verification (“custody audit”)
• Internal control report (e.g., SAS 70, AT 601)
• Delivery of account statements
• Additional disclosures

They will also offer their perspectives on the detailed requirements of these custody audits and the associated compliance issues you may face.

Roundtable speakers:

Robert Fleming – Bob Fleming is a partner in the National Professional Standards Group and a member of the Eastern Regional Professional Practice Office. He serves as the SEC reviewer on a number of public entity engagements, provides input on risk-containment and audit policies for the firm and consults with engagement teams on audit and accounting issues.

John Hague – National director of Financial Services and member of the National Professional Standards Group, John’s experience also includes performing internal control reviews (SOX 404), cost containment/profitability studies and regulatory matters. Prior to joining McGladrey & Pullen, John was the chief financial officer of a publicly held regional broker-dealer and futures commission merchant.

Martin Lax – Co-Leader of the Financial Services Practice in the New York office, Marty works primarily with investment partnerships, as well as public and private companies operating in the real estate, advertising, insurance brokerage and not-for-profit industries. He has extensive experience with the regulations surrounding both the Investment Company Act of 1940 and the Investment Advisers Act of 1940.

Colin Sanderson – Partner in the New York office, Colin specializes in performing custody audits and providing advisory assurance services to hedge funds, private equity groups, venture capital funds and fund of funds. He also consults on operations, risk management and regulatory issues.

Jeffrey YagerCo-Leader of the Financial Services Practice in the New York office, Jeff works with domestic and offshore hedge funds, private equity groups, family offices and investment advisory firms. He works closely with clients on various financial and regulatory compliance matters and has assisted investment partnerships in structuring agreements. He also works on internal controls reviews and agreed-upon procedures audits.

CPE Credit
Participants will receive 1 hour of CPE credit.

McGladrey & Pullen is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417.