Section 830-X-3-.12 - Suitability Of Recommendations (Alabama Administrative Code)

§ 830-X-3-.12. Suitability Of Recommendations

Every dealer, investment adviser and every associated person thereof who recommends to a customer the purchase, sale or exchange of any security shall have reasonable grounds to believe and shall believe that the recommendation is suitable for such customer on the basis of information furnished by such customer after reasonable inquiry concerning the customer's investment objectives, financial situation and needs, and any other information known by such dealer, investment adviser or associated person thereof.

Author:

(Filed September 30, 1982. Readopted: Filed November 9, 1983. Amended: Filed September 28, 1990.)

Formerly Rule No. 830-X-3-.10.

Statutory Authority: Code of Ala. 1975, § 8-6-23.

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