Document Type
Article
Publication Date
1963
Abstract
It has come to the attention of the Commission that some broker-dealers who act as underwriters of investment company shares do not record on their books and records transactions arising from the sale and redemption by them of such shares. Such transactions should be recorded in a separate account for each customer including each investment company and each broker-dealer distributing or redeeming such shares. Such transactions may not properly be recorded in the fail records in lieu of maintaining separate accounts for each customer as the customary arrangement that payment shall be against delivery on a traditional settlement date is not present in the sale of investment company shares.
Relational Format
article
Series Title
Accounting Series Release No. 098;Securities Exchange Act of 1934 Release No. 7169
Recommended Citation
United States. Securities and Exchange Commission, "Maintenance of records of transactions by broker-dealers as underwriters of investment company shares" (1963). Federal Publications. 175.
https://egrove.olemiss.edu/acct_fed/175