Discretionary account agreement means an agreement, actual or implied, under the terms of which an “individual” or “entity” has “investment discretion” in buying or selling or otherwise handling the “securities” or other investments of a third party; it does include, without limitation, a power of attorney, but it does not include: (1) a “Limited Mutual Fund Market Timing/Asset Allocation Agreement;” or (2) any other “investment management contract” under the terms of which an insured “registered investment adviser” is given, or exclusively exercises, “investment discretion” only with respect to buying, selling or otherwise handling mutual fund investments and/or the investments in variable life or variable annuity sub accounts, which investments are otherwise covered under the terms of this policy, and where said insured does not retain custody or otherwise have access to any “client” funds other than for the limited purpose of paying fees earned pursuant to the explicit terms of that agreement.
Discretionary account agreement means a written agreement that complies with section 8;