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Ethics - Schweser Volume 1 - Page 43 - Example 3

The answer says: The member should not take any shares of a hot IPO for himself and distribute his allocated shares to all clients in proportion to their original order amounts.
So - when can a member participate in an IPO? Or keep some shares for himself?

If the issue isn’t oversubscribed and gets the proper approval and makes the proper disclosures, then he can participate.

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