The Uniform Practice Code
Chapters in this video
- 0:00 Good delivery: the ripped-certificate thought experiment
- 1:16 Front-end customer duties versus wholesale broker-to-broker plumbing
- 2:16 Five UPC tools: settlement date, good delivery, ex-dividend, reclamations, DK
- 4:25 Settlement date equals delivery date: the exam trap
- 4:59 DK rejections and reclamations for bad deliveries
- 6:25 Open-end mutual funds versus closed-end funds, ETFs, and UITs
- 7:21 Rapid-fire exam recap
What this video covers
- Why "settlement date" and "delivery date" are interchangeable under the Uniform Practice Code (UPC), and how the exam baits you into treating them as different dates
- What a DK ("don't know") rejection is: a broker-dealer's official refusal of a trade comparison it does not recognize
- How reclamations work as the UPC's return policy for bad deliveries between firms
- The four strict requirements for physical-certificate good delivery, and why missing any one of them blocks settlement
- Why open-end mutual funds are book-entry at the transfer agent and therefore exempt from traditional UPC physical-certificate rules
- Which Series 6 products (closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs)) still follow full equity good-delivery mechanics and the complete UPC
- Where a registered representative's actual customer duty originates (suitability, Regulation Best Interest, confirmation rules, best execution), and why the UPC never governs the customer relationship
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