Job asking for brokerage account info

[Al B. Sure!]

I received an e-mail from my job stating "As a 'Fund Service' employee you are required to report your brokerage accounts that you directly and/or indirectly own and the individual holdings within those accounts"

Doesn't seem right to me.

[Imran Siddiqui]

Um, isn't that to prevent self dealing or steering clients to fund that you are invested in?

In which case, why isn't it right?

[Al B. Sure!]

Um, isn't that to prevent self dealing or steering clients to fund that you are invested in?

In which case, why isn't it right?

I don't work in client services.

[KrazyHorse]

Why not? At my last job I had to:

1) only have a brokerage account with my employer
2) pre-clear all trades through compliance
3) only trade a limited set of instruments (no futures, fx, etc)
4) only trade in equities and debt not on the firm's blacklist
5) hold all positions for more than 30 days

I'm under similar restrictions at my new employer as well.

[Al B. Sure!]

Why not? At my last job I had to:

1) only have a brokerage account with my employer
2) pre-clear all trades through compliance
3) only trade a limited set of instruments (no futures, fx, etc)
4) only trade in equities and debt not on the firm's blacklist
5) hold all positions for more than 30 days

I'm under similar restrictions at my new employer as well.

Yeah I can only have a brokerage account with approved broker dealers. WTF?

You'd think they would have told me this stuff before 6 months into the job.

[MRT144]

Yeah I can only have a brokerage account with approved broker dealers. WTF?

You'd think they would have told me this stuff before 6 months into the job.

Or you coulda thought to ask

[MichaeltheGreat]

Yeah I can only have a brokerage account with approved broker dealers. WTF?

You'd think they would have told me this stuff before 6 months into the job.

They should have, but what KH is saying is right. It's to cover the employer's ass against possible market manipulation and other securities law violations. I worked as a consultant to TD Waterhouse just before they got Borged by Ameritrade, and contractually had most of the same restrictions. Only 1 and 2 didn't apply to me from KH's list, but I had to report all trades to compliance within a short period after the trade.