Customer Account Records and Required Notifications

What this video covers

• What belongs in a customer account record from the Financial Industry Regulatory Authority (FINRA) customer account information rule and Municipal Securities Rulemaking Board (MSRB) municipal-records creation rule, including principal approvals and correspondence
• Why a change of address is a high-risk event and the exact anti-fraud workflow: update the record, send notice to the old address, and consider a temporary hold under the senior investor protection rule
• The 30-day clock for written confirmation of account information updates, and why the clock starts when the customer gives notice, not when the firm processes it internally
• The 36-month maximum interval for periodic furnishing of the customer account record after initial delivery within 30 days of account opening
• What other events trigger mandatory notifications, including beneficiary changes, trusted contact person additions, Regulation SP (RegSP) privacy notices, and conflict of interest disclosures
• Why an investment objective change triggers a full suitability re-evaluation of existing positions and any prospective recommendations, effective immediately upon the update
• How the exam baits test takers with answer choices describing firm practices instead of actual regulatory rules