General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 15c1-7 -- Discretionary Accounts
The term "manipulative, deceptive, or other fraudulent
device or contrivance," as used in Section 15(c)
of the Act, is hereby defined to include any act of any broker, dealer or municipal
securities dealer designed to effect with or for any customer's account in respect
to which such broker, dealer or municipal securities dealer or his agent or employee
is vested with any discretionary power any transactions or purchase or sale which
are excessive in size or frequency in view of the financial resources and character
of such account.
The term "manipulative, deceptive, or other fraudulent
device or contrivance," as used in Section
15(c)(1) of the Act, is hereby defined to include any act of any broker, dealer
or municipal securities dealer designed to effect with or for any customer's account
in respect to which such broker, dealer or municipal securities dealer or his agent
or employee is vested with any discretionary power any transaction of purchase or
sale unless immediately after effecting such transaction such broker, dealer or municipal
securities dealer makes a record of such transaction which record includes the name
of such customer, the name, amount and price of the security, and the date and time
when such transaction took place.
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services. If legal advice or other expert assistance is required,
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