Series 99: 2.3.2.1.1 Physical Possession Or Control

Taken from our Series 99 Top-off Online Guide

2.3.2.1.1 Physical Possession or Control

Rule 15c3-3 requires broker-dealers to determine daily the number of fully paid and excess margin customer securities in their possession or control and the number not in their possession or control. Should the broker-dealer find itself in a deficit position, it must initiate action to eliminate that deficit. Possession means that the securities are physically located at the broker-dealer’s place of business. Control means secur

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