In-person verification by sub-brokers may be relied on by exchange subsidiaries, subject to the subsidiary's ultimate verification responsibility. Subsidiaries of stock exchanges acting as stock brokers may rely on in-person verification performed by their sub-brokers (who are also registered as stock brokers of the parent exchange), but the subsidiaries retain ultimate responsibility for ensuring IPV and must obtain and retain the requisite IPV documents for their records.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
In-person verification by sub-brokers may be relied on by exchange subsidiaries, subject to the subsidiary's ultimate verification responsibility.
Subsidiaries of stock exchanges acting as stock brokers may rely on in-person verification performed by their sub-brokers (who are also registered as stock brokers of the parent exchange), but the subsidiaries retain ultimate responsibility for ensuring IPV and must obtain and retain the requisite IPV documents for their records.
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