Buddy sitting next to me got fired today.
Complete shock.
Reason being he forgot to file a 10 share buy AAPL trade to compliance, total <$2K, but definitely unintentional.
Now I'm scrambling to review all my own trades and compliance applications...
How strict is compliance with respect to stock trade in your bank/firm?
| +265 | CVP 2025 Summer Analyst Class Is A JOKE | 125 | 5m | |
| +100 | The "Not So Obvious" things that get you a return offer? | 10 | 18h | |
| +61 | Ex-JP Morgan analyst awarded $35M decade after NYC building’s glass door suddenly shattered on her | 15 | 1d | |
| +35 | Georgetown Placement for 2024 and 2025 | 22 | 22m | |
| +32 | Best IB group on the Street | 14 | 14h | |
| +31 | Pros and Cons of the BB coverage groups | 16 | 5d | |
| +29 | How to deal with egotistical team? | 6 | 15h | |
| +26 | BIG FOUR ARE PARADISE | 4 | 15h | |
| +24 | Targetish LAC for 100k debt? | 14 | 6d | |
| +23 | UBS Outlook | 18 | 3s |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
What is the rule for once you stop working somewhere? Is it 30 days or something like that, and then you can start trading?
I don't think a rule like this exists. The rules come from compliance, once you don't work there what right do they have to tell you what you can or cannot trade.
Could be. I thought the rule was still in place because, if your firm worked with company while you were there, you still had to wait 30 days after departure to trade on that stock. Not sure.
Once you’re cleansed of MNPI for a particular name.
I dont understand the shock. Its a FINRA requirement and bank policies tend to be very clear on issue.
If you're a mid-bucket or lower ranked, in a tough performance year, I wouldn't give your bank any blatant reason to cut. Unauthorized trading is a blatant reason.
Our Compliance does not allow us to trade individual stocks at all. Can only buy broad basket ETFs and mutual funds. Kind of happy that's the rule now given the OP story.
Isn't dismissal or termination of employment given to serious breach and/or repeated non-compliance?
I'd expect a written or official reprimand to be on his record, but not straight to the most serious result, in particular for something unintentional and with limited impact.
Anyways, compliance is compliance.
Et asperiores aut dolorum delectus. Non fugiat et laboriosam aperiam dicta magni recusandae. Accusantium et maiores molestiae in. Sed quae necessitatibus modi totam et voluptatibus minus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...