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IAA Submits Second Comment Letter on Safeguarding Proposal

October 30, 2023

IAA VP of Communications & Marketing Janay Rickwalder.

Yesterday, the IAA submitted a supplemental comment letter on the SEC’s proposal relating to the safeguarding of advisory client assets. We have serious concerns with this flawed proposal and made extensive recommendations to the SEC earlier this year. We appreciate that the SEC reopened the comment period for the proposal in light of its recent adoption of an audit-related provision in its package of private fund rules. The IAA’s supplemental comments are designed to improve the related audit provision in the safeguarding proposal. We are continuing to work constructively with the SEC to address our significant concerns with the safeguarding proposal as a whole.

The IAA’s supplemental letter is linked here.

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