C.F.R. » Title 17 » CHAPTER II—SECURITIES AND EXCHANGE COMMISSION › PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934

17 C.F.R. § 240.15c1-7

Discretionary accounts

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(a) 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.

(b) 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.

[41 FR 22826, June 7, 1976]
Notes of Decisions
Cited in 1 case, 1968–1968 · leading case: Twomey v. Mitchum, Jones & Templeton, Inc., 262 Cal. App. 2d 690 (Cal. Ct. App. 1968).
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Twomey v. Mitchum, Jones & Templeton, Inc., 262 Cal. App. 2d 690 (Cal. Ct. App. 1968). “(rule 15c1-7(a) [17 C.F.R. 240.15c1-7(a)]), and of the New York Stock Exchange (rule 435, fn.”
— 17 C.F.R. § 240.15c1-7(a) — 1 case
Twomey v. Mitchum, Jones & Templeton, Inc., 262 Cal. App. 2d 690 (Cal. Ct. App. 1968). “(rule 15c1-7(a) [17 C.F.R. 240.15c1-7(a)]), and of the New York Stock Exchange (rule 435, fn.”
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