Explanation of "Scope"
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question:Please explain the seemingly conflicting definitions of 'scope', which exempts brokers, dealers, etc, and footnote #12 which includes these.
Answer: The rule only applies to those institutions and entities under the regulatory jurisdiction of the adopting agencies, and that does not include the SEC. To the extent a financial institution offers brokerage and investment advisory activities, that would constitute a "continuing relationship" and a covered account.
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