SEC Proposes Eliminating PCAOB Registration for Investment Adviser Custody Rule Audits

The Securities and Exchange Commission (SEC) has proposed removing the requirement for certain accountants and auditors engaged under the investment adviser custody rule to be registered with and subject to regular audit inspection by the Public Company Accounting Oversight Board (PCAOB). This proposal aims to expand the pool of eligible accountants, increase competition, and potentially lower compliance costs for advisers.