Series 7 Exam Prep 60, Customer Confirmations and Account Statements
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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- Trade confirmations must be sent at or before the settlement date (T+1 for most securities).
- Firms must disclose their capacity on the confirmation: agent (commission) or principal (markup/markdown).
- Account statements must be sent at least quarterly, unless the account holds penny stocks, which requires monthly statements.
- For bond trades, the confirmation must disclose the yield to worst.
- Customer account records must be kept for six years after the account is closed.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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