Which one of the following persons is permitted to purchase an equity IPO in her personal account?

The ability to purchase an equity initial public offering (IPO) in a personal account is generally restricted by regulatory guidelines to prevent conflicts of interest and ensure fair access to investment opportunities. In this context, the cousin of a registered representative is permitted to purchase an equity IPO.

The reason behind this is that while immediate family members (like parents and siblings) of registered representatives are often restricted from participating in IPOs due to potential conflicts of interest and the insider knowledge that might be shared within the family, extended family members such as cousins do not fall under the same restrictions. Thus, the cousin can purchase shares in an IPO as this action is seen as less likely to cause a conflict of interest.

Other individuals mentioned, such as parents, siblings, or clients of registered representatives, are typically subject to more stringent regulations regarding IPO participation, primarily to maintain the integrity of the market and to safeguard against unfair advantages that could arise from insider information or relationships with the broker.