3.4.1.1. Periodic Confirmations
If the transaction is conducted through a periodic plan or an investment company plan (including a dividend reinvestment plan), or through a money market mutual fund, written confirmation is not required before completing a transaction. In these cases, however, customer confirmations must be sent within five business days after the end of each quarterly period for transactions involving investment company plans and periodic plans, and after the end of each monthly period for money market funds. Broker-dealers must provide customers with prior written notification of their intent to send quarterly or monthly information in lieu of an immediate confirmation.
The content of the quarterly or monthly confirmations must include this information:
• Each purchase or redemption and each dividend or distribution credited to or reinvested for the customer’s account during the month
• The date of each transaction
• The identity, number, and price of any securities purchased or redeemed in each transaction
• The total number of shares of those securities in the customer’s account
• Any payment to be received by the broker or dealer
The confirmation must also assert that any other required information will be furnished upon written request.
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