3214. Opening new client accounts

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    1. A Dealer Member may only assign an account number to a new account if the full and accurate name and address of the client who holds the account is known to the Dealer Member; the complete account application must be received no later than the following business day.  
    2. The designated Supervisor must not approve a new account unless all client account records have been collected.   
    3. A designated Supervisor must approve each new account no later than one business day after completing the initial trade for the account.
    4. A Dealer Member may use an alternative procedure to approve new accounts on an interim basis, provided the designated Supervisor provides final approval no later than one business day after the initial trade. 
    5. If a designated Supervisor does not approve the new account after the initial trade, the Dealer Member must restrict the account to only liquidating trades, transfers out, paying out funds or delivering securities to the client.  These account restrictions must remain in place until the designated Supervisor has provided final approval of the account.
    6. Before opening an account for an employee of another Dealer Member, the Dealer Member must obtain written approval from the other Dealer Member, and must designate the account as non‑client account.

    There is no history log for this rule.

    There is no history log for this rule.