On Tuesday, August 4, 2026, a retail investor purchases 100 shares of common stock through a broker-dealer. The firm executes the order on an exchange by matching the investor's buy order with another market participant and charges a transparent commission fee. Under SEC and FINRA rules governing trade confirmations and standard settlement, which of the following correctly describes the required disclosure of the firm's capacity and the settlement date for this transaction?
- The broker-dealer must disclose that it acted as an agent (broker), state the commission amount, and specify a regular-way settlement date of Wednesday, August 5, 2026.Cevap
- BThe broker-dealer must disclose that it acted as an agent (broker), state the commission amount, and specify a regular-way settlement date of Thursday, August 6, 2026.
- CThe broker-dealer must disclose that it acted as a principal (dealer), report the mark-up charged, and specify a regular-way settlement date of Wednesday, August 5, 2026.
- DThe broker-dealer must disclose that it acted as a clearing depository, report the DTCC custody fee, and specify a regular-way settlement date of Thursday, August 6, 2026.
Cevap
The broker-dealer must disclose that it acted as an agent (broker), state the commission amount, and specify a regular-way settlement date of Wednesday, August 5, 2026.
The correct response accurately states that the broker-dealer acted in an agency capacity because it executed the trade on an exchange charging a commission. It also correctly applies the standard T+1 regular-way settlement rule, making the settlement date Wednesday, August 5, 2026 (one business day after Tuesday, August 4, 2026).
Adım Adım Çözüm
Anahtar Kavram
Trade Confirmation Disclosures & T+1 Regular-Way Settlement