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#1527978 - 03/29/11 12:57 PM Sweep/Repurchase - daily confirmation notices?
bluesky Offline
Member
Joined: Jul 2005
Posts: 85
Is any other bank sending their Sweep/Repo confirmation notices every day? We have always sent them once per week, is this acceptable? These are business customers who cannot earn interest on a NOW account and have entered into an arrangement with us, we sweep their funds daily into a non FDIC insured product.

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#1527991 - 03/29/11 01:05 PM Re: Sweep/Repurchase - daily confirmation notices? bluesky
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 82,999
Galveston, TX
Depends on the product.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1528105 - 03/29/11 02:23 PM Re: Sweep/Repurchase - daily confirmation notices? rlcarey
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Don't forget about the FDIC new client and annual sweep disclosure requirements.
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#1528182 - 03/29/11 03:45 PM Re: Sweep/Repurchase - daily confirmation notices? BrendaC
bluesky Offline
Member
Joined: Jul 2005
Posts: 85
We purchase Gov't securities with the funds swept from the transaction account each day. We do the annual disclosure and the new client paperwork. Does everyone send daily confirmation notices or do you it weekly?

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#1528212 - 03/29/11 04:06 PM Re: Sweep/Repurchase - daily confirmation notices? bluesky
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 82,999
Galveston, TX
Regardless of what anyone else says here, you need to read rule G-15 from the MSRB:

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-15.aspx
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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