Series 24: 3.12.1. Reserve Accounts And Account Statements

Taken from our Series 24 Online Guide

3.12.1. Reserve Accounts and Account Statements

A broker or dealer must promptly secure and maintain the credit balances of its customers in reserve accounts separate and apart from the trading accounts of the member firm, and member firms are prohibited from using customer balances to finance their own trading.

At least once per quarter, member firms are required to send their customers an account statement describing their securities positions, money balances, and account activity for the preceding quarterly period. Statements should include a clause en

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