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New Disclosure Required for Debt Securities

Last week we talked about the new fee disclosure, including specifically disclosure for purchases of mutual funds that came into effect on July 15, 2014, under the Client Relationship Model 2.

New disclosure for purchasers of debt securities came into effect at the same time.

If you are buying or selling a debt security, such as a bond, your advisor must include, in the trade confirmation your receive either

  • the total amount of compensation your advisor’s firm received, whether commission, mark-up or mark-down, or other service charge, or
  • the amount of any commission and a notification that other compensation may have been applied to the trade.

If you are buying a debt security, the trade confirmation must also state the security’s annual yield.

Additional important disclosure requirements will come into effect on July 15, 2015 and 2016. For example, starting 2016, you will be receiving an annual report on all fees and compensation your advisor’s firm received in connection with your investments. You will also be receiving an annual report on investment performance. So stay tuned!