Series 52: Customer Account Transfers

Customer Account Transfers

When a customer gives written notice to transfer her entire account from her current broker-dealer (the “carrying party”) to another broker-dealer (the “receiving party”), the receiving party and the carrying party must expedite and coordinate the transfer.

The customer must send notice of transfer on MSRB’s Form G-26 to the receiving party, which will immediately forward it to the carrying party.

The carrying party has one business day to validate and return the transfer instruction to the receiving party or take exception to it. A carrying party may take exception to a transfer instruction only if:

• • It has no record of the account on its books
• • The transfer instruction is incomplete
• • The transfer instruction contains an improper signature

The carrying party and the receiving party are both responsible for promptly resolving any exception taken.

Once the tra