Trading Authorization
As discussed above, discretion is when a securities professional is given written permission by a client to buy or sell securities in the client’s account as the professional sees fit. This stands in contrast to a non-discretionary relationship or account, where the adviser has to get permission from a client prior to every transaction in the client’s account.
In addition to these two options, there is a third option for designating who can initiate transactions in a client account. Under a trading authorizatio