Examkin

Soru

Zorluk: OrtaAccount Statements, Privacy Protection, and Regulation S-P

Under FINRA rules regarding customer account statements, a registered broker-dealer is required to deliver account statements on a monthly basis to a retail customer who holds open equity positions, even if no trading activity, dividend payouts, or cash transfers occurred during that specific calendar month.

Cevap: Cevap

Cevap

False. Under FINRA Rule 2231, broker-dealers are mandated to send account statements at least quarterly when an account has open positions or funds, but monthly statements are triggered only during months with actual account activity.
The correct answer is False because FINRA Rule 2231 sets quarterly statement delivery as the general rule for customer accounts. Broker-dealers must increase the delivery frequency to monthly only for months in which activity occurs in the account.

Adım Adım Çözüm

1
Identify the baseline frequency required for customer account statement delivery under FINRA rules.
Broker-dealers must deliver customer account statements at least quarterly for any account holding security positions or cash balances.
FINRA Rule 2231 establishes quarterly delivery as the general regulatory standard.
2
Evaluate the condition required to trigger monthly statement delivery.
Monthly delivery is mandatory only if there was account activity (e.g., purchases, sales, interest, dividends, or transfers) during that month, or for specific higher-risk holdings like penny stocks.
In the absence of monthly account activity or special holding triggers, holding standard open equity positions does not force a monthly statement requirement.
3
Conclude the truth value of the statement.
The statement asserts that monthly delivery is required solely for holding open positions without activity, which is incorrect.
Quarterly delivery satisfies FINRA rules when no activity occurs in the month.

Anahtar Kavram

Customer Account Statement Delivery Frequency Rules (FINRA Rule 2231)
Tahmini Süre:1m 0s
Bu soruyu puanla

Konular

Account Statements, Privacy Protection, and Regulation S-P