Series 28: Memoranda, Confirmations, And Other Customer Notices

Memoranda, Confirmations, and Other Customer Notices

The SEC also requires that member firms keep a record of every securities order and successful execution and copies of all confirmations.

An order memorandum must be kept for the purchase or sale of securities, whether executed or unexecuted. The memoranda must show:

• • Terms and conditions of the order
• • Account for which it was entered
• • Time the order was received and entered
• • Price at which it was executed
• • Identity of each associated person responsible for the account
• • Time of execution or cancellation

An order exercised upon