I just finished a summer aso internship at an investment bank in a tech coverage group (termination papers signed), I will be returning full time in June.
Can I sell shares of a company that was in my coverage area but not one we dealt with directly? I want to divest ASAP but don't want a run in with compliance.
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Based on the most helpful WSO content, compliance rules at investment banks typically restrict employees from trading stocks in companies within their coverage area, even if the bank did not directly deal with those companies. These restrictions are in place to avoid any potential conflicts of interest or the appearance of insider trading.
Since you have already signed termination papers for your internship and are not yet a full-time employee, you may have more flexibility. However, because you are set to return full-time in June, it is crucial to consult the compliance team at your bank before making any trades. They can provide specific guidance based on the bank's policies and your situation. Acting without their approval could lead to compliance issues, even if your intentions are clear.
Sources: https://www.wallstreetoasis.com/forum/job-search/ibd-sa-after-graduation?customgpt=1, A Guide for Switching From Commercial Banking to Investment Banking, Personal Account Trading Restrictions at MBB, What offers would you take over a BB S&T?, What do Investment Bank Employees Invest In?
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