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Ms.

FINRA Series-63 Full Course Access
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Ms. Connie Fused sent her investment adviser a check, payable to a mutual fund that he had recommended to her.

What must the adviser do in order to avoid being considered the custodian of this account and, thereby, subject to some strict requirements, including a higher minimum net capital?

A.

He needs to forward the check to the mutual fund within 3 days.

B.

He needs to forward the check to the mutual fund within 24 hours.

C.

He needs to get a written statement from Ms. Fused, addressed to the state Administrator, indicating it was her mistake.

D.

He needs both to forward the check within 24 hours and to obtain a written statement from Ms. Fused.

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