Was wondering if anyone had any insight into working in investment banking, and on the side, working with a VC as a venture scout / venture fellow / etc. to source investments (low commitment in terms of hours). On the legal side of things, is this seen as a conflict of interest, or is this a common side gig that some do?
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Check your employment contract. You’re often not allowed to take a second job
Scouts are not technically employed
The outside business activity clauses are more than wide enough to cover this, official employment clause or not.
My contract (standard BB language) says if I am compensated in any way, OR if I am engaged in any way, even if unpaid, with something that competes with firm business - it is an OBA and needs to be approved, which this would not be.
do you already have agreements with any venture firms to do this or are you still in brainstorming mode?
best bet is to set up an LLC in someone else's name or anonymously to pursue this.
Yeah doing this through a "side door" like an LLC or "anonymously" is an excellent way to get fired for cause and have a reprimand on your FINRA license forever. Not worth it.
Do you guys think FINRA seriously can't track this stuff down?
Compliance is going to have a fucking field day with this. Usually outside business activities are having a single family rental or being an investor in a friend’s business, this is the kind of stuff they will not approve and if you try and end run this and get caught it’s definitely going to ding your license.
Agree with above, absolutely 0% chance this would be allowed by compliance.
Thanks for this interesting solution!
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