12 C.F.R. § 551.100 What are the alternate notice requirements?
Title 12 - Banks and Banking
You may elect to satisfy §551.70 by providing the alternate notices described in the following chart for certain types of transactions.
Title 12: Banks and Banking
PART 551—RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR SECURITIES TRANSACTIONS
Subpart B—Content and Timing of Notice
§ 551.100 What are the alternate notice requirements?
------------------------------------------------------------------------ If you effect a securities transaction . . . Then you may elect to . . .------------------------------------------------------------------------(a) For or with the account of a Give or send to the customer customer under a periodic plan, sweep within five business days account, or investment company plan. after the end of each quarterly period a written statement disclosing: (1) Each purchase and redemption that you effected for or with, and each dividend or distribution that you credited to or reinvested for, the customer's account during the period; (2) The date of each transaction; (3) The identity, number, and price of any securities that the customer purchased or redeemed in each transaction; (4) The total number of shares of the securities in the customer's account; (5) Any remuneration that you received or will receive in connection with the transaction; and (6) That you will give or send the registered broker- dealer confirmation described in § 551.80 or the written notice described in § 551.90 within a reasonable time after the customer's written request.(b) For or with the account of a Give or send to the customer customer in shares of an open-ended the written statement management company registered under described at paragraph (a) of the Investment Company Act of 1940 this section on a monthly that holds itself out as a money basis. You may not use the market fund and attempts to maintain a alternate notice, however, if stable net asset value per share. you deduct sales loads upon the purchase or redemption of shares in the money market fund.(c) For an account for which you do not Give or send to the customer a exercise investment discretion, and written notice at the agreed- for which you and the customer have upon time and with the agreed- agreed in writing to an arrangement upon content, and include a concerning the time and content of the statement that you will written notice. furnish the registered broker- dealer confirmation described in § 551.80 or the written notice described in § 551.90 within a reasonable time after the customer's written request.(d) For an account for which you Give or send the registered exercise investment discretion other broker-dealer confirmation than in an agency capacity, excluding described in § 551.80 or common or collective investment funds. the written notice described in § 551.90 within a reasonable time after a written request by the person with the power to terminate the account or, if there is no such person, any person holding a vested beneficial interest in the account.(e) For an account in which you Give or send each customer a exercise investment discretion in an written itemized statement agency capacity. specifying the funds and securities in your custody or possession and all debits, credits, and transactions in the customer's account. You must provide this information to the customer not less than once every three months. You must give or send the registered broker-dealer confirmation described in § 551.80 or the written notice described in § 551.90 within a reasonable time after a customer's written request.(f) For a common or collective (1) Give or send to a customer investment fund. who invests in the fund a copy of the annual financial report of the fund, or (2) Notify the customer that a copy of the report is available and that you will furnish the report within a reasonable time after a written request by a person to whom a regular periodic accounting would ordinarily be rendered with respect to each participating account.------------------------------------------------------------------------
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