The Securities and Exchange Commission (SEC) is seeking public comments on its plan to continue collecting information under Rule 206(4)-2. This rule ensures that investment advisers, who handle clients' money or assets, do so properly by using qualified custodians like banks or brokers. Advisers are required to notify clients about where their assets are kept and ensure account statements are sent out quarterly. Some advisers might be exempt from certain rules if specific conditions are met, like being audited by an independent accountant. Feedback is requested by June 30, 2025, to improve the process and reduce the burden of this information collection.
Simple Explanation
The Securities and Exchange Commission (SEC) wants people's thoughts on a rule that says money helpers who manage other people's cash must use safe places like banks to keep it, and tell their clients where it is, sending them a note every three months. The SEC wants ideas on how to make this easier and less of a hassle, and you can share thoughts until the end of June 2025.