Accounts & CustomersPregunta 58 de 125
To exercise discretion in a customer's account, a registered representative must first obtain:
a.Only a verbal instruction for each trade
b.Approval from the OCC
c.A margin agreement
d.Prior written authorization from the customer and firm approval of the account
Explicación
Discretionary authority (choosing the security, the amount, or whether to buy or sell without consulting the client on each order) requires the customer's prior written authorization and the firm's written acceptance of the account. Each discretionary order must be marked as such and the account must be reviewed frequently by a principal.
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