Mandatory Revisions to Monthly Account Statements
Effective March 6, 2007, NASD member general securities firms that issue monthly account statements (electronic or written) will be required to include on customer monthly account statements language that advises the customer to promptly report any inaccuracy or discrepancy in that person's account to his or her brokerage firm and to reconfirm any conversation the customer has with the firm in writing.
These mandatory changes stem from the SEC's recent approval of amendments made to NASD Rule 2340, in light of efforts by the NASD and other self-regulatory organizations to heighten customer attentiveness to account activity and to address specific concerns brought to the attention of the SEC and SIPC by the U.S. General Accounting Office. The amendments to Rule 2340 in no way restrict customer rights.
A complete discussion and analysis of the amendments to Rule 2340 and a copy of the amended rule can be found on the NASD website. Link
