Accounts for Employees of Other Firms/Financial Service Co.'s

Question 1

What are the FINRA rules for opening an account for an employee of another member firm?

Answer 1

• Associated person has to notify the executing member in writing
• Written consent of EMPLOYER must be obtained prior to account opening
• Duplicate confirmations and statements are sent upon employer member REQUEST

Question 2

What are the MSRB rules for opening an account for an employee of another member firm?

Answer 2

The rules are similar to FINRA, except that MSRB MANDATES that duplicate confirms be sent (w/ or w/o consent)

Question 3

What are the CBOE rules for opening an account for an employee of another member firm?

Answer 3

• Prior consent of the member must be obtained

- Duplicate confirmations AND statements must be sent to employer member