Customer Protection: Rule 15c3-3

Cost Members - TBA
Non-Members - TBA
Duration 1 Day
Time 8:30 am - 5:15 pm
CRCP Credits 6
CRCP CE Credits 6
CPE Credits 7
CPE Course Type Overview
Location Date Code

TBA

TBA  

TBA
Venue

TBA

 

Other Registration Options & Cancellation Policy

 

Tentative Agenda (PDF 34 KB)

 

This course qualifies for FINRA Institute at Wharton Certified Regulatory and Compliance Professional™ (CRCP™) credit for candidates who have taken courses prior to January 2007. Participants taking the course who are not CRCP Program candidates prior to January 2007 are not required to take the assessment exercise and will not earn CRCP credit.

 

Course Description


This course explains SEC Rule 15c3-3, which requires broker-dealers to establish separate reserve accounts for customer credit balances, and prohibits them from using customer balances to finance their own trading. Coursework addresses reserve formulas and the complexities surrounding possession and control, omnibus accounts, suspense accounts, short stocks and margin.

After completing this course, you will be able to:

  • Understand the role of the SROs in enforcing Rule 15c3-3
  • Enumerate the key components of FOCUS reports
  • Understand utilization of the reserve account
  • Define possession and control requirements
  • Apply the reserve formula for balances, loans, borrowed securities and other transactions
  • Discuss issues with short stock dividends and distributions
  • Understand the complexities surrounding special omnibus accounts and suspense accounts
  • Understand margin requirements of the Options Clearing Corporation

Only FINRA's Spring and Fall Securities Conferences are open to the media. All other FINRA conferences, pre-conferences, seminars, and other professional development courses are closed to the media.