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You're the third person to reply to this with a third, different answer. It sounds super 'simple' as you put it. You should call the lawyers I consult with on t

by kolbe 5y ago

You're the third person to reply to this with a third, different answer. It sounds super 'simple' as you put it. You should call the lawyers I consult with on this topic and let them know they're wasting all their time trying to figure it out.

MR4D 5y ago
I get it. Our lawyers have been clear to us on this topic, but I understand lawyers don’t all have the same advice. This advice has worked for us and we all have to sign a document every year that we don’t text clients. That being said, the rule is way behind the technology. Most people use texting in place of talking, which has different requirements (sometimes very different requirements).
- kolbe 5y ago
  My guess is your lawyers have been very clear about communicating to you what they believe is the best course of action, but nothing in securities law is ever clear. The laws are intentionally vague and leave a ton of enforcement discretion, and every single new fine forces the lawyers to readjust their interpretations. Refraining from texting clients is not sufficient. You also cannot send an undocumented message to your coworker talking about how you’re going to approach a meeting with a client. But you can talk about how you think the client’s toupee is funny, unless the SEC is mad at you, then they will interpret this as a business communication and fine you. And I think it’s terrible that HN is on the side of making these terrible, vague, ‘regularly capture’ laws simply because the SEC put out a memo detailing allegations that were unlitigated in court and because big banks bad.
  - MR4D 5y ago
    You’re correct on both counts. For the first one, the lawyers summarize it as this: “another only should you not cross the line, you should stay as far away from it possible to give the most clarity to your actions for the regulators”.

by kolbe 5y ago

MR4D 5y ago

I get it. Our lawyers have been clear to us on this topic, but I understand lawyers don’t all have the same advice. This advice has worked for us and we all have to sign a document every year that we don’t text clients. That being said, the rule is way behind the technology. Most people use texting in place of talking, which has different requirements (sometimes very different requirements).

kolbe 5y ago
My guess is your lawyers have been very clear about communicating to you what they believe is the best course of action, but nothing in securities law is ever clear. The laws are intentionally vague and leave a ton of enforcement discretion, and every single new fine forces the lawyers to readjust their interpretations. Refraining from texting clients is not sufficient. You also cannot send an undocumented message to your coworker talking about how you’re going to approach a meeting with a client. But you can talk about how you think the client’s toupee is funny, unless the SEC is mad at you, then they will interpret this as a business communication and fine you. And I think it’s terrible that HN is on the side of making these terrible, vague, ‘regularly capture’ laws simply because the SEC put out a memo detailing allegations that were unlitigated in court and because big banks bad.
- MR4D 5y ago
  You’re correct on both counts. For the first one, the lawyers summarize it as this: “another only should you not cross the line, you should stay as far away from it possible to give the most clarity to your actions for the regulators”.