Series 7: 17.5.2. Uniform Practice Code

Taken from our Series 7 Online Guide

17.5.2. Uniform Practice Code

The Uniform Practice Code (UPC), created by NASD/FINRA in 1941 to govern the OTC market, provides a set of uniform standards for use by FINRA member firms when clearing and settling transactions on the secondary OTC market. Its set of rules codifies industry practices with respect to the delivery and payment of securities, reclamations and rejections, dividend distribution, close-out procedures, and dispute resolution.

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