3235-AN46 202510 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Amendments to the Custody Rules

The Division is considering recommending that the Commission propose amendments to existing rules and/or propose new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to improve and modernize the regulations around the custody of advisory client and fund assets, including to address in each case crypto assets.

]]> Economically Significant Previously Published in The Unified Agenda Proposed Rule Stage Undetermined No Deregulatory Not Yet Determined 15 U.S.C. 80a-6(c) 15 U.S.C. 80a-17(f) 15 U.S.C. 80a-37 15 U.S.C. 80b-4 15 U.S.C. 80b-6(4) 15 U.S.C. 80b-11 15 U.S.C. 80b-3(c)(1) 15 U.S.C. 80b-18b Yes

This proposed rules and rule amendments would improve and modernize the regulations around custody of investment adviser client assets and fund assets, including to address crypto assets. Currently, investment advisers and investment companies have raised questions about how to hold crypto assets in compliance with the current Commission custody requirements. This rulemaking would clarify the framework for the custody of crypto assets for investment adviser and investment companies, as well as make other modernizations needed to remove burdens from certain outdated provisions that are no longer needed to provide investor protection given the evolution in the markets and security trading and holding practices.

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The Commission will evaluate the anticipated costs and benefits and other economic effects as it develops the proposed rule.

]]> NPRM 10/00/2026 YES Businesses None No Yes No Samuel Thomas Division of Investment Management 3235 Securities and Exchange Commission SEC 202 551-7952 thomassa@sec.gov 100 F St NE, Washington DC 20549