In September 2022, the SEC announced that it had been conducting a targeted examination sweep of investment advisers’ compliance with Rule 206(4)‑2 under the Investment Advisers Act of 1940, known as the Custody Rule. At the time, it resolved administrative proceedings against nine advisers. A year later, it announced an additional five resolutions. Nearly three years later, custody remains one of the Division of Examinations’ “core” areas of interest, and, since the exam sweep, the SEC has continued to bring proceedings involving Custody Rule violations. The latest such proceeding is against a registered investment adviser that allegedly violated the Custody Rule with respect to four private funds it advised from 2015 through 2024. This article provides a refresher on key provisions of the Custody Rule and the details of the adviser’s resolution of the enforcement action. See “SEC Settles Five Additional Enforcement Proceedings for Custody Rule and Form ADV Violations” (Feb. 15, 2024); and “SEC Settles Nine Enforcement Proceedings Over Custody Rule and Related Form ADV Violations” (Feb. 2, 2023).