3503. Client priority

A Dealer Member must give priority to client orders over all other orders for the same security at the same price.

The Dealer Member must not give priority to orders for an account in which the Dealer Member or an employee or Approved Person of the Dealer Member has a direct or indirect interest, other than an interest in the commission charged.

Where investment decisions are made centrally and applied across a number of managed accounts, subsections 3503(1) and 3503(2) do not apply to the managed accounts of partners, Directors, officers, employees or Approved Persons of a Dealer Member who participate in a managed account program on the same basis as client accounts.