§300.501. Claim for cash.
17 C.F.R. § 300.501
Where a SIPC member (“Debtor”) held securities in an account for a customer, the customer has a “claim for cash” with respect to any authorized securities sale:
If the Debtor has sent written confirmation to the customer that the securities in question have been sold for or purchased from the customer's account; or
Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for sale for or purchase from the account.
Where the Debtor held cash in an account for a customer, the customer has a “claim for cash”, notwithstanding the fact that the customer has ordered securities purchased for the account, unless:
The Debtor has sent written confirmation to the customer that the securities in question have been purchased for or sold to the customer's account; or
Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for purchase for or sale to the account.
Notes, amendments, and revision history
Source
Source: Sections 300.500 through 300.503 appear at 53 FR 10369, Mar. 31, 1988, unless otherwise noted.
Authority
Authority: 15 U.S.C. 78ccc.
Source
Source: 44 FR 5077, Jan. 25, 1979, unless otherwise noted.