Laws & Regulations第 109 / 110 题
An adviser is granted authority to decide only the price and time at which to execute a client-specified purchase of a particular security. This is best described as:
a.Full discretionary authority requiring a written trading authorization
b.Custody of client assets
c.Limited time and price discretion, which is not treated as full discretion
d.A prohibited practice under all circumstances
解析
Deciding only the price and time to execute an order that the client has already specified as to security and amount is considered limited time and price discretion, and it is generally not treated as full discretionary authority. Full discretion, choosing the security or quantity without prior client direction, requires written discretionary authorization. This distinction affects the documentation an adviser must obtain.
法律依据: Investment Advisers Act of 1940免费刷完整 110 道题库 — 无需注册。
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