Series 27: Allocation Of Responsibilities

Taken from our Series 27 Online Guide

Allocation of Responsibilities

Each carrying agreement in which accounts are to be carried on a fully disclosed basis must specify and allocate the responsibilities of each party with regard to:

• Opening and approving accounts
• Accepting orders
• Transmitting orders for execution
• Executing orders
• Extending credit
• Receipt and delivery of funds and securities
• Preparing and transmitting confirmations
• Maintaining books and records
• Monitoring accounts

The agreement must make the carrying firm r

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