Supervisory Approvals for Accounts: Rapid Fire

What this video covers

• The three stacked rules (supervision, supervisory-control, and Municipal Securities Rulemaking Board (MSRB) municipal supervision) and why a firm satisfies all three at once, not one or the other
• Which principal license covers which business: Series 26 for investment-company and variable-contracts business, then Series 51 or Series 53 for municipal fund securities including 529 plans, Local Government Investment Pools (LGIPs), and Achieving a Better Life Experience (ABLE) accounts
• Matching the actor to the approval: partner, officer, or manager for the new-account acceptance record; registered principal for name or designation changes; and why the rep never approves their own business
• The strict-liability rule that subscription-way checks are payable to the issuer, never to the broker-dealer and never to the representative personally
• The exact promptly-transmit deadline of no later than noon of the next business day after receipt, and why finding a check in a drawer a week later is a supervision failure, not a filing delay
• The specified adult definition, the senior-hold notice deadline, and the sequential extension math: 15 business days, then 10, then 30, for a 55-day maximum
• Suspicious Activity Report (SAR) confidentiality and the no-tipping-off rule, including what the client can and cannot be told when an account is restricted