Inspection notice requirement can be waived to protect investors; custodians must comply with inspection obligations. The Board must give advance notice to the custodian before ordering an inspection, but may waive that notice when immediate action is required in the ... Summary
Inspection notice requirement can be waived to protect investors; custodians must comply with inspection obligations.
The Board must give advance notice to the custodian before ordering an inspection, but may waive that notice when immediate action is required in the interests of investors; during inspection the custodian is required to fulfil its duties and cooperate with the inspection process, and the term for the regulated entity is confirmed as "custodian."
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