Multiple bank accounts for client funds: brokers may hold segregated client and settlement accounts across banks subject to exchange limits. Stock brokers must segregate client, settlement and other exchange-mandated monies into distinct bank accounts and may maintain current accounts in multiple banks to facilitate fund settlement, provided they observe any maximum limits prescribed by exchanges or the regulator and use each account exclusively for its defined purpose.
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.
Multiple bank accounts for client funds: brokers may hold segregated client and settlement accounts across banks subject to exchange limits.
Stock brokers must segregate client, settlement and other exchange-mandated monies into distinct bank accounts and may maintain current accounts in multiple banks to facilitate fund settlement, provided they observe any maximum limits prescribed by exchanges or the regulator and use each account exclusively for its defined purpose.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
