Series 24: 5.11.1. Scope Of The Uniform Practice Code

Taken from our Series 24 Online Guide

5.11.1. Scope of the Uniform Practice Code

The Uniform Practice Code (UPC), created by NASD (now 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 procedur

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