Series 53: Opening Customer Accounts

Taken from our Series 53 Online Guide

Opening Customer Accounts

MSRB Rule G-19(a) requires every municipal securities dealer and broker (collectively “dealers”) to obtain certain information about a customer before the completion of the first transaction in his account. To open an account, a customer typically fills out a new client account form. The form should record the following information:

  • Name
  • Residential or business address
  • Date of birth (to ensure that the customer is of legal age)
  • Social Security or tax ID number
  • Occupation and employer (and disclosure of whether the customer is employed by another broker-dealer)
  • Employer’s address
  • Whether it is a cash or margin account
  • Any third party trading authorization or discretionary authorization
  • Suitability information, such as a customer’s financial status, tax status, investment objectives, and other information necessary to make a recommendation
  • A pre-dispute arbitration agreement, if applicable
  • Any written authorization to

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