The lack of such an understanding when recommending a security or strategy violates the suitability rule.
FORBES: Undue Concentration In Brokerage Portfolio Fails Suitability Test
The suitability rule is fundamental to fair dealing and is intended to promote ethical sales practices and high standards of professional conduct.
FORBES: Suitability Paperwork Undoes Westrock Branch Manager
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability.
Rule 2111(b) provides an exemption to customer-specific suitability regarding institutional investors if the conditions delineated in that paragraph are satisfied.
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