Series 27: Quarterly Customer Account Statements

Quarterly Customer Account Statements

Member firms that conduct a general securities business must send each customer a quarterly account statement containing a description of its securities positions, money balances, and account activity for the period. Each statement must advise the customer to report any inaccuracy or discrepancy in that person’s account promptly to his brokerage firm. It must also advise the customer that any oral communications should be re-confirmed in writing to further protect the customer’s rights, including its rights under the Securities Investor Protection Act.

Quarterly account statements need not be sent to a customer if all of the following conditions are met:

• • The customer’s account solely executes transactions on a DVP/RVP basis
• • The account does not show