Adviser and Regulated Fund Custody Rules; Crypto Custody Rules

What it does

The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing new custody rules under the Investment Company Act of 1940 (the "Investment Company Act") and amendments to related reporting and recordkeeping requirements to address how regulated investment companies may custody crypto securities and similar investments, and amendments to the custody rule and related reporting and recordkeeping rules under the Investment Advisers Act of 1940 (the "Advisers Act") to address how registered investment advisers may custody client crypto funds and securities. We are also proposing to amend the current custody rules to modernize their requirements, to better address current industry practices and feedback, and to implement certain conforming amendments. We are also proposing amendments to the recordkeeping rules under the Investment Company Act and Advisers Act related to these proposed modernization amendments to the custody rules. Additionally, we are proposing to redesignate the custody rule under the Advisers Act and to make corresponding amendments to Form ADV and Form ADV-E for registered investment advisers to reflect the Advisers Act custody rule redesignation. We are also proposing amendments to Form ADV for registered investment advisers and Form N-CEN for regulated investment companies and to improve the quality of public disclosures made on these forms. We are also proposing to add new questions to Form ADV and Form N-CEN related to tokenized private funds and regulated investment company shares, respectively.

The Securities and Exchange Commission's summary, as published in the Federal Register.

What it would change

4 parts of Title 17 of the Code of Federal Regulations:

17 CFR 270, 17 CFR 274, 17 CFR 275, 17 CFR 279

Wording on eCFR: the day before it took effect and from the day it took effect (first part listed).

Before this

No earlier Federal Register document under regulation identifier 3235-AN46 since Jan. 1, 2025.

What happens next and when

This release was published in the Federal Register on October 6, 2026. Comments should be received on or before December 7, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Title 17 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register