DISCRETIONARY ACCOUNTS

3273. Accepting a discretionary account

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    1. To accept discretionary accounts:
      1. the Dealer Member must designate one or more designated Supervisors, who meet the proficiency requirements set out in Rule 2600, to be responsible for the discretionary accounts,    
      2. the Dealer Member’s policies and procedures must specifically address the supervision and operation of discretionary accounts in accordance with Rule 3900,
      3. the Dealer Member must identify discretionary accounts in its books and records to allow supervision of the discretionary accounts in accordance with Rule 3900,
      4. the Dealer Member must enter into a discretionary account agreement with the client prior to accepting the account as a discretionary account,
      5. the designated Supervisor must approve the account as a discretionary account and approve the discretionary account agreement signed by the client, and
      6. the Dealer Member must maintain a record of the designated Supervisor’s approval in accordance with the record retention requirements in section 3803.

    There is no history log for this rule.

    There is no history log for this rule.