SEC Rule 10b-10: Trade Confirmation Timing and Required Disclosures
Under SEC Rule 10b-10, by when must a broker-dealer deliver a written trade confirmation to a customer?
SEC Rule 10b-10 requires that a trade confirmation must be given or sent to the customer AT OR BEFORE completion of the transaction (which is generally the settlement date).
Complete Analysis & Legal Rationale
The confirmation must disclose trade date, settlement date, capacity (agent vs principal), markup/markdown or commission, price, and yield.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
At or before completion of transaction (settlement date).
30 days is too late; confirmation must precede or accompany settlement.
Quarterly statements report account positions, not trade confirmations.
Confirmations are mandatory for every trade; customer request is not required.