NASD Approves Customer Transfer Interpretation Freezing accounts when broker transfers firms no longer an option Approved by the SEC on January 4, 2002, this new policy will assure that customers will be able to transfer accounts without restriction to follow a departing broker. The full text of IM 2110-7 states […]
Tag: ACAT
Customer Pays Fidelity Full Damages on ACAT Transfer Error
Panel awards Fidelity Brokerage Full Damages on Mistaken ACAT Transfer FIDELITY BROKERAGE SERVICES, INC. v. LaVALLIE, NASD ID # 99-03918 (New York, 8/22/03). A customer who wrongly retained an over delivery of securities is held liable for the consequences, in spite of the broker-dealer’s error. Fidelity made a mistake when […]
NASAA Opposes Account Transfer Interference
NASAA Opposes Account Transfer Interference Joins NASDR in supporting customer right to transfer account, regardless of broker/firm disputes By John M. Baker, Esq. [Ed. This post is from 2001 and is presented for historical purposes.] When registered representatives change their brokerage firms and try to take their customers with them, […]
