Washington Clauses Relating to Capital Withdrawals, Interest on Capital
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CUSTOMER PROTECTION ? RESERVES AND CUSTODY OF SECURITIES SEA Rule 15c3-3. (a) DEFINITIONS. For the purpose of this section: (1) The term ?customer? shall mean any person from whom or on whose behalf a broker. or dealer has received or acquired or holds funds or securities for the account of that person.
Under (b)(2) of SEA Rule 15c3-1d (Appendix D), a subordinated loan may be funded with foreign currency provided the following conditions are met: The broker-dealer must continually mark-to-market the outstanding principal amount of the borrowing; and.
The subordination agreement shall effectively subordinate any right of the lender to receive any Payment with respect thereto, together with accrued interest or compensation, to the prior payment or provision for payment in full of all claims of all present and future creditors of the broker or dealer arising out of ...
Rule 15c3-3 applies to all registered broker-dealers. It governs the custody and use of customer-owned securities and funds held by brokerages. The rule requires brokerages to have physical possession of customers' securities. Those paper stock certificates or other items need to be kept in a safe place.
A broker or dealer shall be deemed to hold securities for, or to carry customer or broker or dealer accounts, and hold securities of, those persons if it does not promptly forward or promptly deliver all of the securities of customers or of other brokers or dealers received by the firm in connection with its activities ...
Securities and Exchange Commission (SEC) Rule 15c3-3 requires brokerage firms to maintain secure accounts. Also known as the Customer Protection Rule, SEC Rule 15c3-3 is part of the Code of Federal Regulations. It ensures that brokerage clients can withdraw assets at any time, and a brokerage has to work to uphold it.
Every broker or dealer must at all times have and maintain net capital no less than the greater of the highest minimum requirement applicable to its ratio requirement under paragraph (a)(1) of this section, or to any of its activities under paragraph (a)(2) of this section, and must otherwise not be ?insolvent? as that ...
Exchange Act Rule 15c3-1 (Net Capital Rule) requires that member firms must at all times have and maintain net capital at no less than the levels specified pursuant to the rule to protect customers and creditors from monetary losses that can occur when firms fail.
