Account Communications and Records: Rapid Fire
Chapters in this video
- 0:00 Confirmation deadline and capacity disclosure
- 1:18 Agent versus principal: commission or markup
- 2:48 Statement frequency and unrealized versus realized gains
- 4:00 Address-change notice to the old address
- 4:57 ACATS transfer timeline and all-or-nothing rule
- 5:35 Record retention sorting: 3-year versus 6-year buckets
- 6:26 The 4-year complaint oddball and blotter gotcha
- 8:24 Tendering, Regulation Fair Disclosure (FD), and prohibited rep actions
- 9:46 Rapid-fire exam recap
What this video covers
- Why the confirmation deadline is settlement date, not trade date, and what must appear on that confirmation including capacity disclosure
- How agent capacity means commission while principal capacity means markup or markdown, and why a firm can never be both on the same transaction
- When statements go quarterly versus monthly, and why unrealized gains on a statement are not taxable while only realized gains trigger Form 1099-B reporting
- Why an address-change notice goes to the old address within 30 days as an anti-fraud early-warning system
- How ACATS transfers run on a 1-then-3 business-day timeline, and why the receiving firm must take or reject the entire account
- The golden sorting rule for record retention: individual transactions and communications at 3 years, customer and enterprise foundation records at 6 years
- Why written complaints under Financial Industry Regulatory Authority (FINRA) rules are the 4-year oddball, and how blotters land at 6 years despite recording transactions
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