Current through Register Vol. XLI, No. 48, November 27, 2024
Section 174-5-4 - Cash Sweep Accounts Generally; Not Exclusive Means of Compliance4.1. Any broker with excess funds may utilize a cash sweep product and open a cash sweep account in accordance with this rule.4.2. Cash sweep accounts shall conform with all provisions of West Virginia Code § 30-40-18 and related rules, including West Virginia Code R.§ 174-1-16.4.3. Brokers shall submit an Addendum to their Trust Fund Account Statement and Consent to Examine to the Commission within ten (10) business days of entering into an agreement to establish a cash sweep account at a financial institution for which a Trust Fund Account Statement and Consent to Examine is on file with this Commission. This Addendum shall be on a form prescribed by the Commission.4.4. Nothing in this interpretive rule prohibits the broker from establishing multiple trust fund accounts to meet the insurance requirements of § 30-40-18(c).