Series 14: 4.4.1. Physical Possession Or Control

Taken from our Series 14 Online Guide

4.4.1. 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 a broker-dealer find itself in a deficit position, it must initiate action to eliminate that deficit. Possession means that the securities are physically located

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