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Do you actually "have to"? How would they know if you don't? Basically, is it an honor system?
by icedchai 6y ago
Do you actually "have to"? How would they know if you don't? Basically, is it an honor system?
- FabHK 6y agoWhen I was in that situation, I had to disclose all brokerage accounts to my employer, and authorise the brokers to send copies of the account statements to the employer's compliance department.
- psychlops 6y ago20 years ago it used to be the honor system. Now all the records are connected, many make it a requirement of employment to move all accounts into the firm.
- dmurray 6y agoAlso, it's mandated by the SEC. There are obligations on you, your employer, and (if your broker is in the US) your broker to ask you, and to inform each other. So it's kind of on the honour system - your broker probably won't ask you for payslips proving you don't work in the industry - but a lot of people are incentivized not to let it happen.