Accounts for Employees of Other Broker Dealers

The NYSE, FINRA, and MSRB all have requirements relating to the opening of an account for the employee of another member firm or for the spouse or minor child of the employee. The opening firm will, in all cases, notify the employer in writing. The additional requirements are detailed in the following table:

Employer                        Cash Account            Margin Account      Confirms/Statements

FINRA Member

Notification only

Notification only

Upon Request

NYSE MEMBER

Prior Permision

Required

Prior Permision

Required

Duplicates Automatically sent

MSRB MEMBER

Notification only

Notification only

Duplicates Automatically sent

 

The employee or spouse opening the account must disclose the employment with another member firm at the time the account is opened. An MSRB member firm may request that the executing firm stop sending duplicate confirmations and statements. All NYSE members must receive duplicate copies.  

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