Discretionary Account Law and Legal Definition

According to 17 CFR 15.00 (Title 17 -- Commodity and Securities Exchanges; Chapter I - Commodity Futures Trading Commission; Part 15 - Reports - General Provisions), discretionary account means “a commodity futures or commodity option trading account for which buying or selling orders can be placed or originated, or for which transactions can be effected, under a general authorization and without the specific consent of the customer, whether the general authorization for such orders or transactions is pursuant to a written agreement, power of attorney, or otherwise.”