Exam Alert: “Buy-in” notices must be rejected in writing by 6 PM, EST

Effective December 15, if a seller does not accept a “buy-in” notice, it must send a signed, written rejection to the buyer no later than 6:00 PM Eastern Continue reading

Effective December 15, if a seller does not accept a “buy-in” notice, the seller must send a signed, written rejection to the buyer no later than 6:00 PM, Eastern Standard Time.  If no rejection is sent, the notice is accepted.  A “buy-in” notice is sent to a seller when the seller fails to deliver securities.  It allows the buyer to repurchase the securities, with the seller making up any price difference. Relevant to: Series 7, Series 24, Series 62.

http://www.finra.org/Industry/Regulation/Notices/2010/P122271