What Is Sec Rule 15C3 3
The Primary Objective of Sec Rule 15C3-3 Is to Prevent a Registered Broker-Dealer from Using Customers’ Assets to Finance the Broker-Dealer’s Business, Except...
The primary objective of SEC Rule 15c3-3 is to prevent a registered broker-dealer from using customers’ assets to finance the broker-dealer’s business, except, in certain cases, with respect to serving customers’ securities activities effected by the broker-dealer.
What's the big deal about Rule 15c3 3?
Securities and Exchange Commission (SEC) Rule 15c3-3 requires brokerage firms to maintain secure accounts. Also known as the Customer Protection Rule, SEC Rule 15c3-3 is part of the Code of Federal Regulations. It ensures that brokerage clients can withdraw assets at any time, and a brokerage has to work to uphold it.
What is SEC Rule 17a 3?
Rule 17a-3 requires brokers and dealers to create and preserve comprehensive records of each securities trade, including copies of blotters, account statements, trade confirmations, cancelled checks and more.
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