Series 24: Outside Accounts Of Associated Persons

Outside Accounts of Associated Persons

Employees of member firms may not open investment accounts at other member firms or other financial institutions unless they receive prior written consent from their employing member firm. The employee must also notify the other financial institution of their association with the employing firm before opening the account.

The executing firm in turn must provide duplicate account statements to the employing member upon written request.

This requirement applies to accounts where the associated person has a beneficial interest in the account. A beneficial interest means accounts of:

• • spouses of the associated person
• • children who live in the same household or are financially dependent on the associated person
• • family members who the associated person has control over
• • people who the associated person has control over and live in the same household.

The requirement does not apply to transactions in UITs, 529 plans, mutual funds or variable annuities.

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