Exercise
Choose whether the following are Allowed or Not allowed.
1. _____ Client funds and broker-dealer funds are held in the same account.
2. _____ Client funds are audited by an independent accountant on a scheduled date at least once a year.
3. _____ Clients receive account statements every three months.
4. _____ A broker-dealer receives written consent and then hypothecates a client’s securities.
Answers
1. Not allowed. Commingling of f
