Series 99: Customer Protection Rule

Taken from our Series 99 Top-off Online Guide  Customer Protection Rule

Between 1968 and 1970, more than a dozen broker-dealers went bankrupt, resulting in customer losses in excess of $100 million. The SEC responded with Rule 15c3-3, known as the customer protection rule. Prior to that time, broker-dealers had been in the habit of pledging customer securities as collateral for bank loans, and customer credit balances had been used to finance the b

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