Brokers must notify the commission of the name of the bank in which each trust account is maintained and each account's name or number within one month of opening each account.
The designated broker is responsible for the administration of trust accounts. Interest assigned or credited by written assignment agreement to the firm may not be maintained in the trust account.
The designated broker is responsible for making arrangements with the financial institution to credit this interest to the general account of the firm.
Hence, so within one month of opening each account, brokers must notify the commission of the name of the bank in which each trust account is maintained.
To learn more about trust account here:
https://brainly.com/question/18850617
#SPJ4
