kaal:claim:2337268-032

The Dodd-Frank Act tightened custodial practice by requiring safeguards for client assets and verification by independent accountants, a response to concerns over theft and client exposure to Ponzi schemes.

Source quote, verbatim

In 2010, in an effort to address concerns over theft and to lower clients' exposure to the risks of Ponzi schemes, the Dodd-Frank Act amended the IAA, heightening custodial practices by requiring safeguards for client assets and the use of independent accountants to verify assets.96

From

Wulf A. Kaal, Investment Adviser Regulation (2013), 7. Custody of Client Assets, p. 19
https://ssrn.com/abstract=2337268 · source PDF

Cite as

Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

Holds when

investment advisers with custody of client assets after 2010

Classification

designsupport: argueddefi

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