3271. Rules applicable to discretionary accounts and managed accounts

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    1. For the purposes of Rule 3200, a Dealer Member that accepts a discretionary account or a managed account for a retail client must comply with the requirements in Parts A, B and G of Rule 3200, and if applicable, Parts C, E and F of Rule 3200. 

    2. For the purposes of Rule 3200, a Dealer Member that opens a discretionary account or a managed account for an institutional client must:

      1. comply with the requirements in Parts A, B and G of Rule 3200, and if applicable, Parts C, E and F of Rule 3200, with the exception of sections 3216 through 3219, and

      2. ensure the sub-account files of an institutional client refer to the documentation contained in the master file to which it is related.

    3. The Dealer Member must ensure that individuals trading or advising on its behalf, in discretionary accounts or managed accounts, meet the applicable proficiency requirements.

    3272. Reserved.

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    There is no history log for this rule.