The One with the Missing Audits

The basic premise of the Custody Rule is that registered investment advisers who have custody ofclient assets must implement specific safekeeping requirements to prevent loss, misuse, or misappropriation of those assets. (Rule 206(4)-2) For non-fund managers, there is a surprise exam requirement. For fund managers, the usual route is through audited financial statements. The Custody … Read more »

Compliance Bricks and Mortar for May 13

These are some compliance stories that recently caught my attention. Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user fundsBy Nicholas Gordon Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange … Read more »