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Open Exam Prep · Thursday · 3 min

Series 7 Exam Prep 60, Customer Confirmations and Account Statements

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

0:00-3:03
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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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