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To summarize guidance from the Securities and Exchange Commission’s (“SEC”) Division of Investment Management regarding Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940.

This article summarizes the SEC’s guidance on “inadvertent custody” created by broad authority in custodial agreements, custody created by standing letters of instruction, and adviser authority to transfer funds or securities between two or more of a client's accounts.

This article concludes that firms should review their existing client custodial agreements, standing letters of instruction and other arrangements carefully to determine whether they have custody and whether additional action is necessary.

This article contains information on the Custody Rule and related SEC guidance from experienced securities and financial services regulatory lawyers.

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment Advisers Act of 1940 (Advisers Act) and the rules thereunder.

Summarizes recent guidance regarding issues related to several challenging Advisers Act requirements, including inadvertent custody and client account transfers under Advisers Act Rule 206(4)-2, the use of participating affiliate arrangements pursuant to the “Unibanco” no-action letters, unique considerations affecting automated advisers (i.e., “robo-advisers”), the top five most frequently identified compliance topics identified in examinations conducted by the SEC’s Office of Compliance Inspections and Examinations (OCIE), and recent guidance regarding the private fund regulatory filing Form PF.

This guidance may assist advisers in preparing for regulatory examinations and questions from institutional investors. While the recent guidance addresses important topics, the guidance also raises some practical questions.

Practical guidance from experienced securities and financial services lawyers.

In October 2008, in the midst of a financial crisis, Anthony Keating, investment manager at the Boston private bank Billingsley, Blaylock, and Montgomery, was searching for an investment strategy to recommend to his high-net-worth clients. Traditional investments in the equity markets were being decimated, and Keating’s clients would be looking to him for ideas. Inspired by the success of Paulson and Co., Keating began to explore the possibility of entering a trade that would profit as homeowners defaulted on their mortgages. The more Keating learned about the trade, the more he realized that he needed to know about mortgage-backed securities and credit default swaps. The case provides instructors with a chance to introduce these financial instruments, while at the same time providing lessons applicable to students interested in value investing or real estate finance.

After reading and analyzing the case, students will be able to:

• Explain how home mortgages are securitized into financial instruments that are traded in public markets

• Describe how credit default swaps can be used to speculate on the value of an underlying financial instrument

• Identify potential mispricing across related financial instruments

• Understand the potential risks and rewards of various financial investment strategies that look to capitalize on defaults on subprime mortgages

Explain how home mortgages are securitized into financial instruments that are traded in public markets

Describe how credit default swaps can be used to speculate on the value of an underlying financial instrument

Identify potential mispricing across related financial instruments

Understand the potential risks and rewards of various financial investment strategies that look to capitalize on defaults on subprime mortgages

This paper aims to explore the apparent under‐estimation of the importance of the archives of “serious” British music.

It considers what music archives are, their value, management issues, access and preservation efforts, and what needs to be done to ensure their survival. A case example of the Eastbourne Recorded Music Society is presented.

The author concludes that, at all levels, something much more concerted than individual initiatives for cataloguing or digitising specific collections needs to be done if the archival heritage of British music is to survive as it should.

Aims to raise issues relevant for the records and archives of any third sector organisation.

In this chapter, we explore the intricate relationships between young disabled children, their families, institutional settings, and disability services in Canada, with an emphasis on the challenges stemming from unstable custodial dynamics and governmental interference. Drawing on data from a 9-year longitudinal Institutional Ethnography across three provinces and one territory, we analyze the experiences of 41 families who have interacted with the child welfare system, foster care, adoption processes, family courts, or other custodial procedures – many of them are Indigenous or live with low income. The historic and ongoing state control and institutionalization of disabled children in Canada are interrogated through the lens of settler-colonialism (Awj, 2017; Disability Rights International, 2021). This chapter scrutinizes constructs framed by colonial narratives, including disabled childhoods, notions of disability, the “best interest of the child,” the archetype of the “good parent,” and the designation of custodial “status.” We present Institutional Ethnography as a method of de-constructing these systems and identifying care principles in the changing context of family.

Both accounting professionals and accounting academics have noted the importance of communication skills for the career success of students. Further, the general consensus from the academic and practitioner literature is that these communication skills are an area in which many students could use improvement. One factor that has been shown to impact the improvement and development of these skills is communication apprehension.

In this chapter, we describe a combination of pedagogical methods we employed in tax classes at two universities to reduce written communication apprehension among students. More specifically, we draw ideas from communications research which suggest that increased writing opportunities, progressively increasing the weighting of the assignments, using models and examples for study and comparison, and trying to make feedback more effective may help to reduce written communication apprehension. We implemented this suggested approach by using a series of assignments that incorporated writing components.

Results suggest that writing apprehension reduced from the beginning of the semester to the end of the semester. Further, the reduction in writing apprehension was even greater for those students who began the semester with high written communication apprehension. In addition, the results of the survey questions at the end of the semester suggest that the methods also improved students’ confidence in preparing tax-related written communication.

Pupil control ideology, which is expressed in terms of a custodial‐humanistic continuum, refers to educators' views concerning the rights and status of the school's pupil clients. Pluralistic ignorance is defined as the shared misperception of an attitude, norm or belief held by members of a group. 480 respondents were asked to complete four identical forms of the PCI instrument—first, as they personally reacted to the 20 Likert items and then as they estimated the responses of the typical teacher, principal and counselor respectively. Findings revealed inter alia that teachers and principals attribute to each other a much greater custodial pupil control ideology than is reported by members of the respective groups.

The purpose of this study is to provide an overview of some of the deficiencies in the criminal justice system in Jamaica, particularly relating to financial crime. The author also examines possible alternatives in the approach that may be taken in tackling financial crime.

The methodology used was a review of data on financial crime in Jamaica as well as recent significant cases. An analysis of key pieces of legislation was also undertaken. In some instances, a comparative approach was invoked, with special reference to the UK and US laws.

Some essential findings include the positive impact that may be gained from restorative justice principles, the effective enforcement of asset recovery provisions and stricter regulation of the financial services industry.

There is no similar comprehensive examination of these issues concerning Jamaica.

In the age of DarkNetMarkets proliferation, combatting money laundering has become even more complicated. Constantly evolving technologies add a new layer of difficulty to already intricated schemes of hiding the cryptocurrency’s origin. Considering the latest development of cryptocurrency- and blockchain-related use cases, this study aims to scrutinize Italian and Russian antimoney laundering regulations to understand their preparedness for a new era of laundering possibilities.

One of the most recommended ways to buy and sell cryptocurrencies for illegal drug trade on DarkNet was discovered using machine learning, i.e. natural language processing and topic modeling. This study compares how current Italian and Russian laws address this technique.

Despite differences in cryptocurrency regulation, both the Italian Republic and the Russian Federation fall behind on preventing cryptolaundering.

The main contributions of this paper: consideration of noncustodial wallet projects and nonfungible token platforms through the lens of money laundering opportunities, comparison of Italian and Russian antimoney laundering regulations related to cryptocurrency, empirical analysis of the preferred method of trading/exchanging cryptocurrency for DarkNet illegal trade using machine learning techniques and the assessment of how Italian and Russian regulations address these money laundering methods.