Confirmations and Account Statements

What this video covers

• When a trade confirmation must be sent to the customer: at or before the settlement date, not the trade date
• Every required element on a confirmation, including the CUSIP (Committee on Uniform Securities Identification Procedures) number and the firm's capacity
• The difference between agent capacity (commission) and principal capacity (markup or markdown) and how each is disclosed
• Why every order ticket is marked solicited or unsolicited and how that affects suitability obligations
• The minimum quarterly statement rule for active accounts and why monthly is firm practice, not a regulatory requirement
• What counts as account activity for statement timing purposes: purchases, sales, dividends, interest, deposits, and transfers
• Why penny stock accounts are the exception that requires monthly statements instead of quarterly