Father actively trades - regulatory issues?
Hi all,
My father has been actively trading stocks for many years. I'll be starting FT in 2022 as an IB analyst at a BB, which has stringent rules around employee trading (for understandable reasons). This might well be my anxiety talking, but I was wondering what if, by a crazy coincidence, my father's trading activity overlaps with my work? I'm thinking I will just report this to compliance when I start and take it from there, though I can't really report on which stocks are in his portfolio (I don't know).
I will not be living with my parents whilst working, in case that's relevant.
Anyone else whose parents were actively investing whilst they were working in IB? Any and all thoughts appreciated.
Thanks.
Bump
I think this only applies to members of your immediate household.
Appreciate the clarification - seems consistent with what they told us in the summer.
Just tell him what you're working on so he DOESN'T trade those specific stocks ;)))
Lol that’s an even bigger breach of compliance
Regulatory requirements only apply to immediate family members residing with you and/or any person who relies on you to make investment decisions. As long as you don’t live with your parents or assist them in making financial decisions, you should be fine. Additionally, the SEC monitors trade activity prior to the deal announcement. A person who regularly trades won’t get flagged for buying or selling the security pre-announcement. Now, if your dad buys 100 call-options on a deal you are working on a week before the announcement, it will certainly get flagged. The odds of this happening are too small to worry about.
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