An investor has held a fully paid retail brokerage account at a FINRA-member firm for several years. Over a period of five consecutive months, the account experiences zero security transactions, cash deposits or withdrawals, dividend credits, or interest payments. Which of the following statements accurately describes the broker-dealer's regulatory requirement for sending account statements to this customer?
- The broker-dealer must deliver an account statement to the customer at least quarterly.Cevap
- BThe broker-dealer must continue delivering account statements on a monthly basis regardless of account activity.
- CThe broker-dealer may suspend statement delivery completely until new transaction activity occurs in the account.
- DThe broker-dealer is required to deliver account statements only once per year alongside the annual Regulation S-P privacy notice.
Cevap
The broker-dealer must deliver an account statement to the customer at least quarterly.
FINRA Rule 2231 mandates that registered broker-dealers deliver account statements to customers at least quarterly if the account holds security positions or cash balances. When an account experiences trading or financial activity (or contains penny stocks), statements must be provided monthly for each month in which activity occurred. For inactive accounts, quarterly delivery is the minimum required frequency.
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Customer Account Statement Frequency (FINRA Rule 2231)
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