A Registered Representative (RR) and their client both wish to buy shares of XYZ Corp at the same time and at the same price. The RR wants to ensure their own order executes before the client's order. What must occur for this to be permissible under UMIR?

Question

Accepted Answer

UMIR 2.1(2)(c) requires specific consent from the client to enter principal orders in priority to client orders; blanket consent is not permitted.

A Registered Representative (RR) and their client both wish to buy shares of XYZ Corp at the same time and at the same price. The RR wants to ensure their own order executes before the client's order. What must occur for this to be permissible under UMIR?

Discussion