Confirmations

What this video covers

• How the SEC and FINRA confirmation rules overlap, including the federal exclusions for United States savings bonds and municipal securities
• Why the federal confirmation rule covers both executing and inducing a customer's purchase or sale, and why the confirmation is due at or before completion
• How completion timing works for purchases and sales, including the early-payment and early-delivery exceptions that flip the normal trigger
• The agent confirmation requirements for transaction date and time, capacity, contra party, and remuneration, including the required written-request substitute language
• How dollar-priced and yield-priced debt confirmations differ, including yield to maturity, yield to call, call date, and call price disclosures
• Which FINRA additions apply to national market system (NMS) stocks and over-the-counter (OTC) reporting facility securities, plus the two disclosures required for callable equity
• When principal markups must be disclosed, how the $50 million institutional threshold and exceptions work, and how Trade Reporting and Compliance Engine (TRACE) references, payment for order flow (PFOF), periodic statements, and when-issued contracts fit into the rules