Series 51: Periodic Statements For Municipal Fund Securities

Periodic Statements for Municipal Fund Securities

When a customer purchases a municipal fund security, the confirmation statement must show the total purchase price paid by the customer. Commissions are not included in the price. When a customer redeems a municipal fund security, the confirmation statement must contain the total sale price or redemption amount paid to the customer, again, not including any commission.

For municipal fund securities, a periodic statement may replace an immediate trade confirmation for certain situations. A dealer may effect transactions in securities without providing a trade confirmation if the following two conditions are met:

• • The transaction must be part of a municipal fund security plan or a non-periodic municipal fund program.
• • The dealer provides the customer with a written statement disclosing the required conf