Need Advice Fucked Up With Compliance (SA)
Throwaway account. I started my internship last week (not naming the bank for obvious reasons) and our compliance team told us that we couldn’t trade any non-S&P 500 stocks on our personal account and any trade needs to be pre-approved by compliance, and any trade will be subject to a 30-day holding period. This morning I casually checked my personal account and a small cap stock I hold has dropped significantly that I just bought more shares without thinking because it was cheap. It didn’t hit me until I sent the order that I couldn’t trade that stock AND forgot to ask compliance. It was totally unintentional and I tried to cancel the order but it already went through. If compliance finds out about it does it mean my internship is over and I can never get a return offer again? How strict are banks with this? Can I still get a FT job at another bank or will it go on my record? I’ve been freaking out all day and if anyone’s familiar with compliance pls help a brother out here...
OP here. Should I email compliance and tell them it was an honest mistake so they wouldn’t have to find out themselves?
Yes. Do that right away.
Speaking from a fellow intern that’s what I would do. I’m assuming you aren’t staffed on any live deals or real work and so they’d most likely be forgiving
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could be easily caught in a lie here if compliance asks to check the exact time of the purchase.
be careful OP.
Also dont worry. Email compliance about it, but really should'nt be an issue. U are playing with significant money and its not like u used information from your desk ( im assuming lol). Should be fine
tell compliance immediately, maybe someone there you’ve spoken to before / who likes you so it goes smoother.
biggest thing - hopefully your firm doesn’t have inside info or an connection that would cause a red flag....then I see them just saying whatev
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