Joint Account is an account that is owned by two or more parties. Joint accounts allow either party to enter transactions for the account. Both parties must sign a joint account agreement. All joint accounts must be designated as joint tenants in common or with rights of survivorship.
Applying "Joint Account" to Securities Exams:
Two or more parties may open an account together so long as all of the parties have reached the age of majority. A minor may never have a joint account with an adult. All accounts operated for the benefit of a minor must be operated as a custodial account. A registered rep may have a joint account with a customer so long as the firm does not prohibit it and the rep participates in the gains and losses only to the extent of their financial contribution to the account.