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Exam Series 63 topic 1 question 203 discussion

Actual exam question from FINRA's Series 63
Question #: 203
Topic #: 1
[All Series 63 Questions]

An investment adviser or its representative may

  • A. only exercise any discretionary power in the purchase or sale of securities for a client's account after receiving written authority prior to the execution of the transactions.
  • B. exercise discretionary power in the purchase or sale of securities for a client's account as long as it receives written discretionary authority over the account within 10 business days of the first discretionary transaction placed, assuming oral authority has already been given.
  • C. exercise discretionary power in the purchase or sale of securities for a client's account as long as.
  • D. exercise discretionary power in the purchase or sale of securities for a client's account only after.
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Suggested Answer: B 🗳️
An investment adviser or its representative may exercise discretionary power in the purchase or sale of securities for a client's account as long as it receives written discretionary authority over the account within 10 business days of the first transaction placed, assuming oral authority has already been given.

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harrydogyo
3 years, 12 months ago
Answer should be A... based on what I've read. Discretion requires prior written auth, unless it's just related to price or time,
upvoted 1 times
dwoods35
5 months, 1 week ago
that is for the B/D for the IA its 10 days
upvoted 1 times
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B (20%)
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