SEC Custody Rule Enters Final Review. Combined With Four Other Regulatory Tracks, the Institutional Stack Is Nearly Complete.
The Securities and Exchange Commission’s custody modernization rule (RIN 3235-AN46) entered Office of Information and Regulatory Affairs review on August 25, marking the final procedural step before the Commission publishes a notice of proposed rulemaking. The NPRM is targeted for October 2026. On its own, this is a significant but incremental development. Viewed alongside four…