Series 51: Opening Institutional Customer Accounts

Opening Institutional Customer Accounts

For institutional accounts, less information is required. Only the customer’s name, principal business address, tax ID or Social Security number, and suitability information, and whether it is a cash or margin account, any discretionary authorization, and the required signatures of the representative and principal need to be provided.

An institutional account is defined under MSRB Rule G-8 to include:

• • The account of a bank, savings and loan association, insurance company, or regis