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limited discretion

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Limited discretion
Permission by a client that allows a broker to make certain stock and option trades without first consulting the client about the trade.

limited discretion
The authority given a broker to make certain investment decisions without first getting in touch with the investor. The investor must sign a written agreement providing the broker with limited discretion. Also called limited trading authorization.

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Pacific Life, as investment adviser for Portfolio Optimization, has limited discretion to periodically make changes to the investment options within a model and to reallocate account values in accordance with the model selected because the model may be updated from time to time.
The new policy does, however, give the Board limited discretion to adopt a new stockholder rights plan without first seeking stockholder approval if a majority of the independent directors believes the implementation of a rights plan is necessary for the proper exercise of the Board's fiduciary responsibilities.
 
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