Question of the Week

Under the Uniform Securities Act, a registrant who holds custody of client funds must do all of the following EXCEPT:

A) Segregate client funds from their own funds
B) Prompt notice whenever funds or securities have been moved to a new location
C) Arrange for an annual unannounced audit from an independent accountant
D)

Answer: The correct answer is d).

A registrant is required to segregate client funds, send notice whenever funds have been moved and arrange for an annual audit at least annually. However, the registrant is required to send a quarterly account statement, not a monthly statement.


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