Series 63 practice questionmediumSharing in Accounts
An agent wishes to share in the profits of a client’s account. To do so legally under the USA, what is required?
- AWritten consent from the client only
- BWritten consent from both the broker-dealer and the client✓ Correct answer
- COral consent from both parties
- DNo special consent if the account is joint
Explanation
Why B — Written consent from both the broker-dealer and the client
Written consent from both the client and the broker-dealer is required to share in customer profits or losses (USA Section 402). Oral consent or joint accounts do not suffice.
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