Series 24: 5.11.1.1.3. Close-Out Requirements

Taken from our Series 24 Online Guide

5.11.1.1.3. Close-Out Requirements

Rule 204 states that broker-dealers must deliver the securities for their long or short sales on the settlement date. If a failure to deliver occurs, then the broker-dealer must “close out” its fail-to-deliver positions for long and sh

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