Series 7 practice questionmediumAccount Documentation 4
When a customer changes address or employment information, the representative should?
- Await until year-end tax reporting
- Bopen a new account and close the old one
- Cupdate the account records promptly under firm procedures✓ Correct answer
- Dchange the registration type automatically
Explanation
Why C — update the account records promptly under firm procedures
Accurate documentation and timely updates are core parts of account opening and maintenance. They support regulatory compliance, tax reporting, supervision, and the firm’s ability to evaluate suitability.
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