When must a sales representative make the required disclosures?
A. There are several points at which a sales representative must provide the required disclosures. They are when: (1) a sales presentation is given; (2) an account is opened; and (3) a sale of a nondeposit investment product is made. Q. What may a teller or receptionist tell a customer about the institution’s nondeposit investment product sales program? A. Tellers and receptionists are permitted to “direct” customers to sales representatives, but should not open accounts, qualify customers or take orders for nondeposit investment products. A teller or receptionist would not be required to make the mandatory disclosures if he or she is simply directing the customer to the appropriate sales representative. The required disclosures are triggered when a sales presentation occurs. Q. When does a sales presentation begin? A. A sales presentation begins when a sales representative starts to discuss particular attributes of specific nondeposit investment products. Statements such as “We have m
