Local communities[ edit ] Walmart opened its Teotihuacan Superstore near the Pyramid of the Moon amid community protests.
Text of Rule Executive Summary The Commission is amending rule 4 -2, the custody rule under the Advisers Act, to reflect modern custodial practices and clarify circumstances under which an adviser has custody of client assets.
The amendments require advisers that have custody to maintain client funds and securities with a broker-dealer, bank, or other "qualified custodian.
The amendments also add a definition of "custody" to the rule and illustrate circumstances under which an adviser has custody of client funds or securities.
Finally, the amendments remove the Form ADV requirement that advisers with custody include an audited balance sheet in their disclosure brochure to clients.
Background Rule 4 -2 regulates the custody practices of advisers registered under the Advisers Act. The rule requires advisers that have custody of client securities or funds to implement a set of controls designed to protect those client assets from being lost, misused, misappropriated or subject to the advisers' financial reverses.
Last year we proposed comprehensive amendments to rule 4 Our proposal was designed to enhance the protections afforded to advisory clients' assets, harmonize the rule with current custodial practices, and clarify circumstances under which advisers have custody.
Commenters strongly supported the approach of the proposal. One noted that our proposal would replace "highly detailed compliance requirements with an overall regulatory framework in order to achieve greater accountability and transparency of transactions in client accounts.
Definition of Custody We have added to the rule a definition of the term "custody. Commenters agreed that the examples will be helpful to advisers. The first example clarifies that an adviser has custody when it has possession of client funds or securities, even briefly. The amendments, however, expressly exclude inadvertent receipt by the adviser of client funds or securities, so long as the adviser returns them to the sender within three business days of receiving them.
Several commenters suggested that we change the definition of "custody" to exclude advisers' access to client funds through fee deductions. We are not adopting this suggestion. Removing this form of custody from the definition would mean that clients would not receive the quarterly account statements that are required under the rule, and which are needed so that clients may confirm that the adviser has not improperly withdrawn amounts in excess of its fees.
Use of Qualified Custodians We are adopting, as proposed, a requirement that advisers with custody of client funds and securities maintain them with qualified custodians. These include banks and savings associations 19 and registered broker-dealers.
Advisers may also maintain client assets with affiliates that are qualified custodians.
The amended rule contains special provisions for two types of securities: Commenters noted that, at times, a client or adviser may purchase shares of a mutual fund directly from the fund's transfer agent rather than through another intermediary such as a broker-dealer.
In these cases, the mutual fund's transfer agent maintains the securities for the client on the mutual fund's books. The adviser, however, may also have custody because, for example, the adviser has check-writing or fee-deduction authority over the assets.
The client may receive copies of subscription or partnership agreements that are not maintained with a custodian. These safeguards, however, may be ineffective in the case of limited partnerships or other pooled investment vehicles.
Because the private securities are held in the name of the limited partnership and the adviser acts for the partnership, the adviser has apparent authority to arrange transfers that would be recognized by the issuer of the securities. Accordingly, an adviser may use the exception for private securities with respect to the account of a limited partnership only if the limited partnership is audited annually, and the audited financial statements are distributed, as described in amended rule 4 -2 b 3.
Delivery of Account Statements to Clients Rule 4 -2, as amended, requires that advisers with custody of clients' funds or securities have a reasonable belief that the qualified custodian holding the assets provides periodic account statements to those clients.
In response to these comments, the amended rule requires quarterly account statements rather than the monthly statements we proposed. This provision, which requires qualified custodians to deliver account statements directly to advisory clients and not through the adviseris designed to assure the integrity of those account statements and permit clients to identify any erroneous or unauthorized transactions or withdrawals by an adviser.We are removing all of the jewelry from sale while we investigate its compliance with our children's jewelry standard," Walmart said.
Employee and labor As a large customer to most of its vendors, Walmart openly uses its bargaining power to bring lower prices to attract its customers. but to have had only a limited impact on relative.
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