Series 27: Completion Of Customer Sell Orders

Completion of Customer Sell Orders

If 10 business days after the settlement date a broker-dealer has not obtained possession of a customer’s securities after executing the customer’s sell order, it must immediately close the transaction by purchasing securities of like kind and quantity. This requirement does not apply to broker-dealers that maintain an omnibus credit account with another broker-dealer.

SEC Rule 15c3-3(m)