4177. Account for all securities, currencies, and other like assets

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    1. The Dealer Member's auditor must account for all securities, currencies and other like assets, including those held in safekeeping or in segregation, on hand, in a vault, or otherwise in the Dealer Member’s physical possession.

    2. The Dealer Member's auditor must physically examine all assets in the Dealer Member’s physical possession and compare them with the Dealer Member’s records.

    3. If a Dealer Member has employees who are independent of its employees who handle or record securities, those independent employees may conduct all or part of the count and examination under the supervision of the Dealer Member's auditor.

    4. The Dealer Member's auditor must test count and compare sufficient security counts with the independent employees’ counts, if applicable, and with the security position records, to be satisfied that the entire count was materially correct.

    5. The Dealer Member’s auditor must maintain control over the assets until the physical examination has been completed.

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