Making the Client Say No
On Wall Street, December, 2004 by Alan J. Foxman
Q.When is it OK to use negative response letters for the bulk transfer of customer accounts?
-F.B., New Jersey
A.In September 2002, the NASD issued NTM 02-57 concerning the use of negative response letters for the bulk transfer of customer accounts. A negative response letter generally informs the recipient of an impending action and requires the recipient to respond or act within a specified time frame if the recipient objects to the action. If the recipient does not respond, he or she is deemed to have consented to the action.
There are five specific situations in which the NASD says negative response letters could be appropriate to transfer customer accounts. These situations involve: (1) a member experiencing financial or operational difficulties; (2) an...
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