The proposal takes up Congress’s 2010 provision for us to develop the custody rule to cowl all of an investor’s belongings, not simply their funds or securities. Congress granted us new authorities to develop the custody rule in response to the monetary disaster and Bernie Madoff’s frauds. The expanded custody rule would assist be sure that advisers don’t inappropriately use, abuse, or lose buyers’ belongings,” Gensler mentioned in his remarks.

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