Financial Services
Financial Services Practice Alerts
2010
New SEC Custody Rule by Scott A. Urquhart, Partner, Jeffrey P. Maxwell, Partner, and Robert E. Luman, Senior Manager; February 2010.
In the wake of the Madoff scandal and other prominent cases of investment fraud, the SEC began seeking ways to prevent financial advisors from misusing their clients' funds. Initial proposals would have imposed tighter custody regulations on all registered investment advisors. After receiving thousands of comment letters, the SEC revised its approach, exempting certain parties from the rule.
In this Practice Alert, we explain the SEC's new custody rule, which types of advisors it impacts, how it could affect your accounting procedures, and what you need to know in order to remain in compliance and reduce the risk of penalty.
We also cover new registration rules for private equity firms as well as proposed changes to income tax allocation regulations.
Proposed Regulations Could Require Change in Method of Allocating Taxable Income by Jeffrey P. Maxwell, Partner; January 2010.
Do your partners have “varying interests” in the partnership during the tax year? If
so, new proposed regulations by the Treasury Department could affect the method
you use to allocate taxable income.
Financial Services Group Contact
Debby Keegan
206-302-6321
