Series 63: Acting As Both Principal And An Investment Adviser

Taken from our Series 63 Online Guide

Acting as Both Principal and an Investment Adviser

While broker-dealers regularly sell their customers securities that they themselves actually own (known as acting as a principal), it is far less common for an investment adviser to do the same thing. Since an investment adviser is not registered as a dealer, selling a customer securities out of the firm’s account requires special written consent from the customer by the date the transaction is complete.

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