Question

How long is a broker-dealer permitted to hold a customer's mail without instructions for a valid reason?

A) 30 days
B) 45 days
C) 60 days
D) 90 days

Answer 1

A broker-dealer is permitted to hold a customer's mail without instructions for a valid reason for a period of 90 days.

Step-by-step explanation:

A broker-dealer is permitted to hold a customer's mail without instructions for a valid reason for a period of 90 days. This is in accordance with the rules set forth by the Financial Industry Regulatory Authority (FINRA), specifically Rule 3150. This rule allows broker-dealers to hold mail if there is a valid reason, such as the customer being unavailable or unresponsive.