Series 24: Compliance And Exemption Reports

Taken from our Series 24 - FINRA General Principal Qualification Examination

Definition of the term Compliance And Exemption Reports...

an annual SEC report requiring broker-dealers to either verify their compliance with the net capital and customer protection rules or explain why they are exempt from this requirement. Compliance reports are filed by carrying broker-dealers, who maintain custody of their customers' assets. Exemption reports are filed by introducing broker-dealers, who do not have custody of their customers' assets.

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