Definition of fully disclosed broker dealer


Definition of fully disclosed broker dealer


Pershing shall submit this Agreement to FINRA and Broker shall submit the Agreement to any othersuch organization from which Broker is required to obtain approval. Others may be appropriate for your firm.EXECUTIVE SUMMARYOn November 24, 1992, the Securities and Exchange Commission (SEC) announced the adoption of amendments to its Net Capital Rule, Rule 15c3-1 (Rule). Except for the minimum increases scheduled to take effect in three installments beginning June 30, 1993, the changes, explained in Securities and Exchange Release No.

34-31511, will become effective on January 1, 1993. In companion Release No. 34-31512, the SEC proposed for public comment additional amendments to the Rule. The last date for comments is February 5, 1993. The full texts of both releases follow this Notice.SUMMARY OF ADOPTED CHANGES. Examples of carrying broker-dealers include (a) clearing broker-dealers who receive and execute customer instructions, prepare trade confirmations, settle the money related to customer trades and arrange definitiom the book entry (or physical movement) of the securities and (b) carrying broker that hold customer accounts or clear customer trades for introducing broker-dealers.

Non-carrying broker-dealers are those btoker that do not clear customer transactions, carry customer accounts, or hold custody of customer cash or securities.




Dealer of broker disclosed definition fully

Definition of fully disclosed broker dealer

Dealer of broker disclosed definition fully



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