SEC Proposes New Custody-Related Reporting and Audit Requirements for Broker-Dealers
Client Memorandum

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The SEC recently proposed amendments to Rule 17a-5 under the Securities Exchange Act of 1934 — the broker-dealer financial reporting rule — that would significantly increase the reporting, compliance and audit requirements for broker-dealers that custody client assets. The proposal reflects the SEC’s continued efforts to deal with difficult issues raised by the massive fraud in the Madoff securities matter.

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