The SEC had been conducting a targeted sweep of private fund advisers for compliance with Rule 206(4)‑2 under the Investment Advisers Act of 1940, commonly known as the “Custody Rule.” One key provision of the Custody Rule requires an adviser with custody of client assets to undergo a surprise annual custody examination. In lieu of that requirement, however, an adviser to a private fund may obtain and distribute to investors an annual audited financial statement for the fund. Many Custody Rule violations occur when advisers fail to comply with the requirements of that exception. In September 2022, the SEC resolved nine enforcement proceedings alleging violations of the Custody Rule and associated requirements for amending Form ADV to provide accurate information about fund audits. A year later, it resolved five additional enforcement proceedings arising out of that sweep. This article discusses the new settlements. See “SEC Settles Nine Enforcement Proceedings Over Custody Rule and Related Form ADV Violations” (Feb. 2, 2023); and “Compliance Corner Q4‑2022: Regulatory Filings and Other Considerations That Hedge Fund Managers Should Note in the Coming Quarter” (Oct. 6, 2022).