Series 53: Disclosure Of Expenses

Disclosure of Expenses

Once the bonds have been delivered to the syndicate members for distribution to their buyers, the syndicate manager has up to 30 calendar days to settle its member accounts.

At or before the final settlement of a syndicate account, the senior syndicate manager must furnish an itemized statement disclosing the nature and amount of all syndicate expenses to the other syndicate members. This includes an itemization of all management fees and discretionary