Welcome to SEC Roundup, a bimonthly video sequence by former Securities and Trade Fee senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Selection Advocates Community.

Morgan and Zaccaro discover present SEC subjects with thought leaders and business specialists.

On this episode, the 2 attorneys speak with Gail Bernstein, normal counsel for the Funding Adviser Affiliation in Washington, in regards to the controversial SEC plan to switch the present advisor Custody Rule with a brand new Safeguarding Shopper Belongings rule.

The extent of the adjustments within the 434-page proposal are “completely thoughts boggling,” Bernstein stated, “not simply as to scope however as to what will be required operationally.”

The plan will even add to the “crushing weight” small advisors face now with different SEC compliance burdens, Bernstein stated.

See the video above for the dialogue with Bernstein.