Stock brokers and clearing members must register, meet networth and conduct standards, and implement surveillance and reporting systems. These regulations create a framework for registration and regulation of stock brokers and clearing members: procedures for grant or refusal of a certificate, eligibility and fit and proper criteria, conditions on certificates including notification of material changes and prior approval for change in control, and transitional requirements. Registered brokers must maintain prescribed books and records, appoint a compliance officer, protect client funds and securities, implement risk management and cybersecurity, adhere to conduct standards, and comply with surveillance, whistleblower and reporting obligations. Inspections, audits, fee collection, networth and deposit requirements, and enforcement powers are specified.
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Stock brokers and clearing members must register, meet networth and conduct standards, and implement surveillance and reporting systems.
These regulations create a framework for registration and regulation of stock brokers and clearing members: procedures for grant or refusal of a certificate, eligibility and fit and proper criteria, conditions on certificates including notification of material changes and prior approval for change in control, and transitional requirements. Registered brokers must maintain prescribed books and records, appoint a compliance officer, protect client funds and securities, implement risk management and cybersecurity, adhere to conduct standards, and comply with surveillance, whistleblower and reporting obligations. Inspections, audits, fee collection, networth and deposit requirements, and enforcement powers are specified.
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