Exchange Act Rule 15c3-3 (Customer Protection Rule) imposes requirements on member firms that are designed to protect customer funds and securities. Member firms are obligated to maintain custody of customers’ fully paid and excess margin securities, and safeguard customer funds by segregating these assets from the firm’s proprietary business activities and promptly delivering them to the customer upon request. Member firms can satisfy these requirements by keeping customer funds in a special reserve bank account and by maintaining customer securities in their physical possession or in a good control location, as specified in Rule 15c3-3. Member firms are required to maintain a reserve of cash or qualified securities in the special reserve bank account that is at least equal in value to the net cash owed to customers, including cash obtained from the use of customer securities. The amount of net cash owed to customers is computed pursuant to the formula set forth in Exhibit A to Rule 15c3-3.
(a) Fees for Claims Filed by Associated Persons
(1) Associated persons who file a claim, counterclaim, cross claim or third party claim must pay a filing fee in the amount indicated in the schedule below.
Filing Fees for Claims Filed by Associated Persons
Amount of Claim
(exclusive of interest
and expenses)
Filing Fee
$.01 to $1,000
$50
Last Voting Date: April 23, 1993"
SUGGESTED ROUTING
Senior ManagementLegal & Compliance
Executive Summary
The NASD invites members to vote on a proposed amendment to the NASD By-Laws and Rules of Fair Practice to make all rule approval procedures under the NASD's By-Laws uniform (presently some need only Board approval; others need full membership approval) and to
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
SUGGESTED ROUTING
Senior Management
Government Securities
Institutional
Legal & Compliance
Operations
Executive Summary
The Board of Governors of the Federal Reserve System is seeking comments on proposed amendments to Regulation T (Credit by Brokers and Dealers) regarding settlement of securities purchases and the status of government
(a) Allocation Procedures and Customer Notice
Each member that has in its possession or under its control any security which, by its terms, may be called or redeemed prior to maturity, shall:
(1) establish and make available on the member's website procedures by which it will allocate among its customers, on a fair and impartial basis, the securities to be redeemed or selected as
(a) A capital acquisition broker or an associated person of a capital acquisition broker must have a reasonable basis to believe that a recommended transaction or investment strategy (as defined in FINRA Rule 2111) involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the broker or associated person to ascertain the
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Whitepaper on Artificial Intelligence (AI) in the Securities Industry
