Customer AccountsQuestion 92 of 110
A firm must send the customer a copy of the account record for verification of the customer's investment profile information:
a.Only when the customer requests it
b.Every 12 months without exception
c.Only when the account is closed
d.Within 30 days of opening the account and at least once every 36 months thereafter
Explanation
SEC books and records rules require an initial verification copy within 30 days of account opening and a refresh at least every 36 months so the profile stays current. The firm must also update records when it learns of a material change, such as a new address or a change in objectives. Waiting for a customer request or for account closing would leave stale information in place.
Law Reference: Securities Exchange Act of 1934Practice all 110 questions free — no signup required.
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