Under the "penny stock rule," an established customer who is exempt from the rule is defined as a person who has: Ao effected a securities transaction or made a deposit of funds or securities with that broker-dealer more than 1 year previously Bo effected a securities transaction or made a deposit of funds or securities with that broker-dealer more than 3 years previously ) made at least 1 previous purchase of "penny stocks" from the same broker-dealer Do made at least 2 previous purchases of "penny stocks" from the same broker-dealer