Question

Under the provisions of the recordkeeping and confirmation requirements of 12 CFR 12 trust operations must ensure confirms are sent for non-discretionary accounts within:

a. 5 business days
b. 5 calendar days
c. 3 days
d. 1 day

Answer 1

Confirmations for non-discretionary accounts must be sent within 5 business days according to the recordkeeping and confirmation requirements of 12 CFR 12.

Step-by-step explanation:

Under the provisions of the recordkeeping and confirmation requirements of 12 CFR 12, trust operations must ensure that confirmations are sent for non-discretionary accounts within 5 business days. This regulation is part of the oversight of financial institutions and ensures that clients receive timely confirmations of securities transactions that are executed in their accounts. The five-day period allows institutions sufficient time to process the transactions and send out confirmations to account holders.