Current through Register Vol. 54, No. 38, September 21, 2024
Section 304.051 - Broker-dealer compensation(a) A broker-dealer registered under the act may not charge or receive commissions or other compensation in connection with the purchase or sale of securities.(b) The prohibition contained in subsection (a) does not apply if the compensation is: (2) Determined on an equitable basis.(3) Adequately disclosed to each customer in writing at or before final confirmation.(c) Compensation which complies with the Conduct Rules of FINRA will be considered fair and reasonable and, unless otherwise required to be disclosed in writing by the Conduct Rules, does not need to be disclosed in writing.The provisions of this §304.051 adopted May 31, 1974, effective 6/1/1974, 4 Pa. B. 1085; amended December 28, 2001, effective 12/29/2001, 31 Pa.B. 7032; transferred and renumbered from 64 Pa. Code § 304.051, December 14, 2012, effective 12/15/2012, 42 Pa.B. 7533; amended January 12, 2018, effective 1/13/2018, 48 Pa.B. 389.The provisions of this §304.051 amended under section 304(a), (d) and (e) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §§ 1-304(a), (d) and (e) and 1-609(a)); section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).