S3 5.5

Question 1

Do orders in a Discretionary account need be marked as Discretionary?

Answer 1

Yes

Question 2

Can a client call in and place orders in a Discretionary account?

Answer 2

Yes, but ths must be noted on order ticket

Question 3

Is there a need for written trade confrmations in Discretionary accounts

Answer 3

Yes

Question 4

Do clients need to present Financial statements to open a Discretionary account?

Answer 4

No

Question 5

Can a rookie manage a Discretionary account?

Answer 5

Nope - no less than 2 years experience required by NFA