What accountHolderType value should be used if the beneficial owner of an account for which an order is received is an employee but the account also meets the definition of an institutional account?
If an order is placed by an employee of the Industry Member and the account also meets the definition of an institutional account according to FINRA Rule 4512(c), then the Industry Member must use the accountHolderType value of ("E") on the related CAT New Order Event to identify that the beneficial owner of the account is an employee of the Industry Member.