Section text and notes
An investment adviser registered under this subchapter shall take such steps to safeguard client assets over which such adviser has custody, including, without limitation, verification of such assets by an independent public accountant, as the Commission may, by rule, prescribe.
Aug. 22, 1940, ch. 686 Pub. L. 111–203, title IV, § 411124 Stat. 1577 (, title II, § 223, as added , , .)
Statutory Notes and Related Subsidiaries
Effective Date
section 419 of Pub. L. 111–203section 80b–2 of this titleSection effective 1 year after , except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission, and except as otherwise provided, see , set out as an Effective Date of 2010 Amendment note under .