Series 6 - Investment Company And Variable Contracts Products Representative Exam

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Discretionary accounts are subject to all of the following rules EXCEPT:

No churning may occur in the account relative to its size and the customer's investment objectives.
A
An officer of the brokerage house must approve each order promptly and in writing before the order is entered.
B
A record must be kept of all transactions.
C
Each discretionary order must be identified as such at the time it is entered for execution.
D

Explanations

An officer or partner of the brokerage house must approve each order promptly and in writing, but NOT necessarily before order entry.

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