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Know-Your-Customer Rule |
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Know-Your-Customer Rule A FINRA rule requiring investment advisers to only make or recommend investments for their clients' accounts that a "prudent person" would make. This means that investment advisers are not allowed to make investments they believe will lose money for the client. It does not require that the investment adviser always make correct decisions; it merely requires him/her to make decisions that will be generally accepted as sound for someone of average intelligence. FINRA codifies the know-your-customer rule in Rule 405. It is also called the suitability rule. See also: Prudent-Person rule. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| A company in the business of providing fiduciary services as a trustee and subject to approved know-your-customer rules may obtain QI status. |
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