Series 53: 3.1.1. Opening Customer Accounts

Taken from our Series 53 Online Guide

3.1.1. Opening Customer Accounts

The MSRB requires every municipal securities dealer and broker to obtain certain information about customers when opening an account. A broker-dealer typically must record a customer’s personal information, as follows:


Residential or business address

Date of birth (to ensure that the customer is of legal age)

Social Security or taxpayer identification number

Occupation and employer (and disclosure of whether the customer is employed by another broker-dealer)

Employer’s address

A taxpayer identification number (TIN) is an ID number used by the IRS for tax reporting purposes. It may include a social security number issued by the Social Security Administration, and, issued by the IRS, an employee identification number (EIN), and an individual taxpayer identification number (ITIN). Non-U.S. persons may provide an ITIN, a passport number and country of issuance, or alien identification number, or government-issued identification showing nationality, residence, and a photograph.

The broker-dealer must also record the following account information:

Whether it is a cash or margin accoun

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