Confirmations and Related Delivery
Chapters in this video
- 0:00 The at-or-before-completion deadline trap
- 1:55 Capacity dictates the disclosure path
- 2:53 Agency payment-for-order-flow in NMS stocks
- 3:12 Conditional debt disclosures and SIPC membership
- 4:38 Periodic reporting: the 5-business-day rule
- 5:51 Prospectus delivery clocks: 48 hours and 2 days
- 6:47 Rapid-fire exam recap
What this video covers
- Why transaction completion, not trade execution date, controls the general confirmation deadline, and why any fixed-days-after-execution answer is a trap
- How firm capacity (agent versus principal) dictates the entire disclosure path on a covered confirmation
- What an agency confirmation must show: the other party's name, customer-paid remuneration, and payment-for-order-flow status for National Market System (NMS) stocks
- What a principal confirmation must show: market-maker status, and the price difference or reported trade price details for applicable equity transactions
- Which conditional disclosures attach to debt securities: callable debt, dollar-price versus yield-basis trading, prepayable asset-backed debt, and non-Securities Investor Protection Corporation (SIPC) membership
- When periodic reporting replaces immediate confirmation for qualifying plans and no-load stable-net-asset-value money market funds, and the 5-business-day deadline after the period ends
- How prospectus delivery clocks (48 hours before for preliminary, 2 business days after for final) operate independently from confirmation timing
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 99 course also includes adaptive practice questions and spaced-repetition flashcards, free through the end of 2026.