Please follow the below steps to cancel a transaction due to lack of suitability as you determine
The first thing to understand when reviewing suitability is what each of the potential states of suitability mean:
Approved - You have determined that this investment is suitable. This transaction is now ready for approval by the CCO.
Follow-Up - You have questions regarding the suitability of this investor, or are considering rejecting the transaction. This field required you to input a reason and it will automatically contact the investor for follow up. If the investor does not follow up within 2 business days:
i. the investment will be auto-cancelled and the investor informed.
ii. Funds are returned to investor's addy wallet.
iii. The securities are returned to the entity.
iv. The investor is emailed and notified of the cancellation with the reason you provide.
Pending - Pending suitability review by Dealing Rep.
Rejected - Rejecting the suitability for the transaction and cancelling the investment for the member.
i. Funds are returned to investor's addy wallet.
ii. The securities are returned to the entity.
iii. The investor is emailed and notified of the cancellation with the reason you provide.
*Note: This status cannot be selected until the investor has been marked for follow-up and given an opportunity to respond.