Required Product Disclosures: Rapid Fire

What this video covers

• The four mandatory bank disclosures (not Federal Deposit Insurance Corporation or National Credit Union Administration insured, not deposits, not guaranteed, subject to investment risk) and why both oral and written delivery is required at or before account opening
• Prospectus delivery deadlines: 25 days for listed initial public offerings, 90 days for unlisted, 40 days for unlisted follow-on, and the 48-hour red herring rule
• Account statement frequency and why monthly is the rare exception reserved for penny stocks
• How brochure delivery splits between federal covered advisers (before or at contract) and state-registered advisers (48 hours prior, or at signing with a 5-business-day penalty-free cancellation right)
• Why the 48-hour brochure rule is not obsolete for state-registered advisers despite federal simplification
• Privacy notice timing: initial at account opening, annual thereafter, and the opt-out requirement, plus why the North American Securities Administrators Association state rule has no annual-notice exception
• Record retention periods: blotters and ledgers 6 years, confirmations and statements and communications 3 years (first 2 easily accessible), written complaints 4 years
• Why a state Administrator may demand records only consistent with the federal standard and can never exceed it