A draft of recent legislation has marked a number of changes affecting global custody services. Propo...
A draft of recent legislation has marked a number of changes affecting global custody services. Proposals by the Securities and Exchange Commission (SEC) is set to put a considerable burden on the custody industry. The SEC has proposed to amend rule 17f-5 governing non-US custodians as well as the introduction of a new rule 17f-7 relating to depositories. According to Derek Duggan, analyst at Thomas Murray, a specialist custody research consultancy firm based in London, the new rules will force the industry to accept greater responsibility for risks associated with maintaining investments ...
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