Practice Quiz

FINRA Series 7

Category - Series 7

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For an FINRA member firm to exercise discretionary power in any customer account requires written authorization by that customer except when:
  1. the customer is a spouse of the registered representative
  2. the customer has given an oral approval after the transaction
  3. only time and price of execution are involved
  4. both B and C
Explanation
Answer: C - only time and price of execution are involved. The only exception to the discretionary rule is when the customer gives discretion regarding time and price of execution.
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