Hedge funds partner Joel Wattenbarger (New York) is quoted in an April 14 Compliance Intelligence article titled “SEC Seen Offering Compliance Aid on Custody Rule.” In the article, Mr. Wattenbarger discusses compliance with the Securities and Exchange Commission’s (SEC) custody rule and offers commentary on a recent no-action letter from the Division of Investment Management to 16th Amendment Advisors. He notes “[t]he relief is helpful because the situation described is ‘a very common fact pattern, in which people internal to the adviser set up a separate vehicle, which potentially could be considered an IA client and thus require custody rule compliance.’” Mr. Wattenbarger notes that while the letter indicates a greater degree of flexibility from the SEC, registered investment advisers should always evaluate individual case circumstances when relying on guidance.
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