For Executing, Correspondent and Custodian Brokers
Seamlessly complete all Regulation T balance verification and requirements
Electronically supervises the completion, centralization, storage, and retrieval of all DVP/COD Letter of Free Funds.
Can be accessed remotely via a secure connection 24/7/365 from virtually any computer in the world.
Assists in the compliance of SEC 17a-4, by easily retrieving all stored letters and images, as required.
Provides self-explanatory workflow and easily tracks open and non-responded items.
Proven to protect against SEC/FINRA censures and fines.
Reduces costs and increases operational efficiency and helps you go green.
Compliance and Regulatory Requirements
NYSE and NASD executing/clearing brokers are required to verify funds availability with broker dealer custodians by T+5 for every non-exempt security trade with a principal in excess of $1,000. Most perform this verification via a faxed Letter of Free Fund. Not performing verification in a timely manner could lead to fines, penalties, and having a client’s account restricted for 90 days in accordance with this SEC mandate.
Freefunds Verified Direct™ effortlessly and securely satisfies these regulatory verification and notification requirements.