Upon discovering the loss of a security with no suspected criminal action, how many business days does a member have to locate the security?

In the context of securities and the responsibilities of members when a security is lost, the regulation stipulates that if a member discovers the loss of a security, they are generally required to locate that security within two business days. This guideline is in place to ensure prompt action is taken to safeguard the interests of investors and maintain market integrity.

The two business-day requirement allows members to take the necessary steps to investigate the circumstances surrounding the loss and to determine the best course of action for recovery. This time frame balances the need for a swift response with the practicalities of investigating the situation without leading to undue panic or disruption.

By adhering to this two-day standard, members can effectively manage the issue while also providing clients with transparency regarding their investments. It is also important to note that certain situations may require different responses, but this two-business-day guideline is generally applicable for lost securities without any indications of criminal activities.