Lets say you get registered by passing the Series 7 and 63 exams. You trade at a prop firm like Assent. And you have another brokerage account outside of Assent. Do you have to report all trades on the outside account to Assent? If so is it simply reporting of trades that you have to do or do you have to get permission as well?
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Being Registered at Broker-Dealer and Trading an Outside Account
- Thread starter Nagarjuna
- Start date
You will need permission and dupe confirms sent to AssentQuote from Nagarjuna:
Lets say you get registered by passing the Series 7 and 63 exams. You trade at a prop firm like Assent. And you have another brokerage account outside of Assent. Do you have to report all trades on the outside account to Assent? If so is it simply reporting of trades that you have to do or do you have to get permission as well?
Quote from cgroupman:
Let's see, maybe not because of violating your contract with Assent, violating SEC regulations, committing a possible felony. All that comes to mind.
c
LOL. I think those are 3 decent reasons why you shouldn't hide an account.
Sooner or later, something will happen and you'll have to explain why you've been hiding an account.
Quote from Nagarjuna:
So if you like to trade options, futures, and other instruments I guess its better to trade as an unlicensed trader in a sub account (llc).
How could it be better? Why do you care of a broker sends some statements to your firm? As long as you doing everything legally, there should be nothing wo worry about. Where I work, we have to authorize those kinds of deliverys for our customers. I guess it depends on whether or not you need leverage.
c
Quote from cgroupman:
How could it be better? Why do you care of a broker sends some statements to your firm? As long as you doing everything legally, there should be nothing wo worry about. Where I work, we have to authorize those kinds of deliverys for our customers. I guess it depends on whether or not you need leverage.
c
If you trade a sub account as an unregistered trader then NASD regulations don't apply to you, and you get all the leverage they're willing to provide. If Truff is right then compliance with NASD as registered rep. goes beyond just sending your broker the trade confirms - you have to get permission to place the trades in the first place. Is Truff right on this?