Forgot to disclose brokerage account
I opened a brokerage account before joining my current company. I never did trading in that account after joining the company. I am now three years working for this company. I reported another undisclosed account recently and went through compliance checks. Should I have to report this brokerage account which I am not doing any trading after joining the company and not planning to do any trading in the future?
Based on previous WSO threads, it's important to adhere to your company's compliance policies regarding personal brokerage accounts. Here are some key points to consider:
Compliance Reporting: Even if you haven't traded in the account since joining your company, it's generally required to report all brokerage accounts to your employer's compliance department. This ensures transparency and adherence to company policies.
Potential Consequences: Failing to disclose any brokerage account, regardless of trading activity, could lead to compliance issues or disciplinary actions if discovered later.
Best Practices: To avoid any potential issues, it's advisable to report the account to your compliance department. They can provide guidance on the necessary steps to ensure you are in full compliance with company policies.
If you have any specific questions or need further clarification, it might be helpful to consult with your compliance department directly.
Sources: Ask a bro: Thebrofessor's Q&A, 2016 edition, Why compliance is a much better start for all the investment bankers wanna be ?, THEN and NOW: @CompBanker, 2019/2020 Sales & Trading Bonus Discussion, Suing a former employer
Why are you just now realizing this 3 years later?
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