Bernie Madoff's legacy is still influencing the regulatory community. Fraud is as much a part of Wall Street's history as the closing bell on the New York Stock Exchange, but the Securities and Exchange Commission's recent amendments to its custody rule are intended to make life trickier for any future Madoff.

The agency was widely seen as having dropped the enforcement ball while being warned about the former money manager's epic $50 billion Ponzi scheme. Keenly aware of this perception, the SEC has moved to close off some of Madoff's fraud paths, most recently by updating the custody rule.

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