30 Apr 2025
📊SEC Proposes Extension for Form Custody Compliance Requirements
Proposed Collection; Comment Request; Extension: Form Custody
Summary
The Securities and Exchange Commission (SEC) is soliciting comments on the existing collection of information under Form Custody, mandated for broker-dealers to report on the custody of customer and non-customer assets. This regulation is critical for ensuring compliance and operational transparency within the financial sector.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The regulatory notice focuses on compliance requirements for broker-dealers to file Form Custody, impacting approximately 3,470 firms. This affects their operational and compliance costs significantly, estimated at over $57 million annually, highlighting the ongoing financial burden of regulatory adherence.