1.5 Account Changes Flashcards
1
Q
Changes in acct. name or designation
A
principal approval required
essential facts must be documented in writing
2
Q
Internal transfers (e.g between joint accounts)
A
moving assets between accounts
ALL account owners must approve
3
Q
Bulk Transfers
A
Moving client account assets to a different money market fund
Negative response letter permitted if:
-transfers involves merger and acquisitions of funds or changes of clearing members
-letter contains tabular comparison of the fees charged by each fund
-letter contains a comparative description of the investment objectives and a prospectus of the fund to be purchased
-**testable: give clients AT LEAST 30 DAYS NOTICE
