FINRA Rule 5131(d)(4) is a prohibition on all Firms, including SageTrader, from accepting Market Orders from its customers for the purchase of new IPO issues prior to the commencement of their trading in the secondary market. However, SageTrader can and will accept only Limit Orders for the purchase of new IPO issues before the commencement of their trading.

See more at: www.finra.org/rules-guidance/rulebooks/finra-rules/5131 .