Series 24: Quarterly Form Custody

Taken from our Series 24 Online Guide

Quarterly Form Custody

Under the amended rule, broker-dealers must also file an unaudited quarterly report (Form Custody) that discloses to the SEC the broker-dealer’s practices with respect to maintaining custody of its customers’ securities and cash. The reports are designed to establish a custody profile for the broker-dealer that auditors can use as a starting point to focus their custody examinations.

Carrying broker-dealers must:

• Reveal whether they only carry their own accounts or whether they carry accounts for other broker-dealers.
• Describe whether they send transaction confirmations directly to customers and

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