Segregation of client assets required; registered brokers face statutory penalties for misuse or commingling of client securities or funds. A person registered as a stock broker or sub-broker who fails to segregate client securities or moneys, or who uses those securities or moneys for self or ... Summary
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Segregation of client assets required; registered brokers face statutory penalties for misuse or commingling of client securities or funds.
A person registered as a stock broker or sub-broker who fails to segregate client securities or moneys, or who uses those securities or moneys for self or another client, is subject to a statutory monetary penalty; the provision enforces the compliance obligation to keep client property separate and prohibits conversion or commingling by registered intermediaries.
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