Quick Answer
A confirmation is a record provided in connection with a transaction and includes transaction information and disclosures. Operations questions also test confirmation delivery, including electronic delivery, plus non-trade confirmations, third-party activity notices, and prospectus delivery. Identify the activity and delivery obligation before selecting the document or requirement.
After identifying account-level information, shift to the record connected with an activity and the delivery requirement that goes with it.
Confirmation Information
- A confirmation is a record provided in connection with a transaction.
- It presents transaction information and applicable disclosures.
- Questions may ask you to recognize the information and disclosures presented in a confirmation.
Delivery of Confirmations
- Apply the applicable confirmation delivery requirement to the facts given.
- Electronic confirmations remain confirmations delivered electronically, so apply the confirmation-delivery requirement to that delivery method.
Exam Tip: Gotchas
Do not assume an electronic confirmation is outside the delivery requirement. The delivery method changes, but the question still calls for the applicable confirmation-delivery analysis.
Related Notices and Prospectuses
| Item | What to recognize |
|---|---|
| Non-trade confirmation | A confirmation associated with activity other than a trade |
| Third-party activity notice | A notice concerning activity involving a third party |
| Prospectus delivery | When the applicable prospectus-delivery requirement must be met |
Activity or offering -> identify the related notice or prospectus-delivery requirement.
Exam Tip: Gotchas
A confirmation is not limited to an executed trade for this topic. Questions can separately test non-trade confirmations and third-party activity notices.