Walk step-by-step through FINRA Rule 2090/FinCEN CDD account opening, Reg BI suitability, Reg T 50% margin & SMA schedules, and T+1 settlement blotters.
Review two incoming new-account packets on the Harborview Securities Principal Desk: (1) an unlisted private LLC entity account and (2) a 68-year-old retiree rollover recommendation.
When opening a legal-entity account, broker-dealers must identify and verify (1) every individual owning 25% or more of equity interests (up to 4 individuals) PLUS (2) 1 individual with significant responsibility to control/manage the entity (Control Prong), even if that manager owns 0% equity.
Broker-dealers and associated persons must evaluate costs, liquidity, risks, and reasonably available alternatives—never placing broker compensation ahead of the retail customer's interest.