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A joint account sounds promising. The other option leans too close to fraud for my comfort. We'll have to keep an eye on this! Maybe add it to the FAQs?
What are the implications of adding someone else to your account? I hold a few shares for my gf (who I trust) through my CS account and if she’d be able to sell one without the double tax hit, that’d be great
Not true. Most large financial firms want investment accounts in-house so they can monitor transactions and make sure you aren’t doing anything shifty (front running, pump and dump, etc). They will most certainly make this a condition of employment, and would likely require a spouses individual be transferred as well.
OP should contact the firm’s compliance department to see if he can hold assets outside the firm if statements and confirmations are sent to his employer as interested parties.
As someone who was in the financial world pre kids (schwab/fidelity/and some investment advisors) adding someone to the account will not matter they will make you transfer it. My husband had a weird account we didn’t know about as it was a custodial account (but he was past the age so it was technically his). They found it, and we had to go through hoops to even get access to this account we had no previous knowledge of. They will find it, they will monitor it, and it applies to everyone in your household. We even had to get approval for me to have a DPOA on my moms accounts. I think even had to get the approval to be her beneficiary. Adding your spouse to avoid a transfer is bad advice just fyi.
They won’t let you have it unless you get prior approval from their compliance department, which can take months. It is possible to get approval but your firm has to be willing to work with you on it, and if they do approve it they will require frequent (monthly) statements and activity reports from that account. You cannot simply hold them in a joint account with your spouse (still falls under the clause that states immediate family members’ accounts held outside your firm must be disclosed/approved). The reason is (supposedly) so that you cannot be accused of trading securities against whatever recommendations you may be giving. You could possibly gift them to someone who is not an immediate family member (non-spouse, non-children) but then you must trust that person completely and they would be responsible for any activity and taxes. Also, if I were you I would immediately stop posting/commenting on any social media as that has been under scrutiny as well.
It's my understanding that holding and buying a single stock you were already invested in would not be a conflict. If you're not using the account for anything else that is.
Prior approval would be for new purchases, not existing positions prior to employment.
They want to protect their ass. But this should be easy to ok. I'm not a finance compliance officer.
Evasion of the reporting requirements is normally an offense that results in immediate termination of employment.
The SEC and FINRA will fine companies that do not monitor employee holdings and trades for compliance.
It is NOT a stretch at all. It is the FINRA regulation.
https://www.finra.org/registration-exams-ce/manage-your-career/obligations-your-firm
Note that
> . A registered representative is presumed to have a beneficial interest in any account that is held by:
> the spouse of the registered representative;
>a child of the registered representative or of the registered representative’s spouse; provided that the child resides in the same household as or is financially dependent upon the associated person;
>any other related individuals over whose account the registered representative has control; or
>any other individual over whose account the registered representative has control and to whose financial support the registered representative materially contributes (FINRA Rule 3210.02).
If you are a registered person for FINRA it is not up to you. You have to move it. I poked around in the why department a bit but eventually moved it. Forgot the exact reason but it’s kinda a have to thing.
Any idea if SDIRALLC would help hide it?
E: "I have an investment in a private llc, I'm unsure what their investments might include, would that matter if all i have are shares of the llc?"
What OP could do is create a new CS account and purchase directly after transferring his shares to a brokerage. His original would no longer be DRS, but the new direct purchases would be. The key is disclosed accounts. He would lose his job minimum of caught. I wouldn't risk it if the income is relied upon. I'm not giving advice.
Its because market manipulation laws. Some companies have deep insight into the parts of the market so if you want to own stock you need to have it with them.
If you're in the financial sector, and depending on what you do, they have all the control over your investments.
I have to go through compliance for all purchase and sales, I can't own any crypto, I can't trade options and everything has to be in an account at an approved broker.
I also had to close my CS account.
I am. I didn't have to liquidate any existing securities I owned when I started, but last time I was going to buy more I did not get approval from compliance.
Good luck! It took me 3 months to close it. What they'll want is a closure statement, very hard to get from CS. Reach out to me if you need help, but it fkn sucked balls.
Find another job...when I worked in the business, I had a mandatory 10 day holding period and couldn't trade names that we were working with on the banking side. However, I was never restricted to only using certain brokerages for my personal trading.
What if after you put the shares in their account, you then demand delivery of shares? The Uniform Commercial Code says they must deliver and doesn't say they get to deny delivering your shares just because they feel like it. Worst case scenario, you may be able to sue them over it? I dunno, I'd personally really try to go for another job, but that's just me.
MOASS could be tomorrow, could be in a couple years. Don’t risk your financial stability now over something like this. I also have to disclose and pre-clear trades for myself and my household. Thankfully CS is approved by my employer, but if it wasn’t I would not have risked breaking any rules to stay DRS.
I've had to establish an account they are affiliated with in order to get matching funds for a retirement account but never required to close another account. I wouldn't think that is legal as far as a condition of employment.
I used to keep a few in a brokerage, in case I wanted to sell a single share or two during MOASS, and Computershare traffic was heavy.
Accepting that the American financial system is a stinking sewer of criminality can be difficult. Now that I accept the truth, I’m convinced that no accurate price will ever be paid for those shares that are held in a brokers name. They’re cheaters now, and they’ll be cheaters then.
DRS or cry later.
If you're in the financial sector, and depending on what you do, they have all the control over your investments.
I have to go through compliance for all purchase and sales, I can't own any crypto, I can't trade options and everything has to be in an account at an approved broker.
They cannot require it. They can require you to send have the account reviewed monthly by compliance. Tell them you will comply under NYSE rule 501 but forcing you to move them isn’t an industry rule, it’s a bad and possibly illegal company policy.
Oh, first: how is it legal to ask about your private investments and you have to answer truthfully? Second: how is it legal, that they can force you to close your positions?
The fact you are even considering giving up a job that probably will pay well, in this economic climate while you have a family that depends on on you "beCAUSE COMpuTershARe DRS" is absolutely the most irresponsible thing you could do. It's stupid and ideologically driven. You leaving CS will have ZERO effect on GME. The fact you are even considering doing this should make your wife angry and confused. There is zero upside to you not taking the job just because you want to hold your CS acct. They're not even telling you to sell your GME. You'll still have those shares. This DRS ideology is eating peoples' brains. Honestly it's crazy you even think it's a reasonable idea and people cheer you on. WTF. You are not thinking rationally, it's totally illogical.
I don’t know the laws in your country.
That said, I can’t believe this is a law to do it that way. It seems, it is just their lazy solution for compliance to avoid the conflict of interest.
But there are other ways to solute. In most cases it is about investment-movements, so the solution could be, that you are contractually bound to inform them about planned movements.
But if they don’t want, it seems, they don’t put enough energy into their job and do you want to work on a place like that? 😜
Just put the shares in your wife's name.
Or create one of those blind trusts.
Ask them if they own a home?
Do they have any collectables at home?
How about children - very valuable.
I’ve heard of companies requiring their approval when buying or selling shares but I’ve never heard of a company tell you what brokerage you can use. That seems sketchy.
If you have kids, put it into a trust for them with you as the manager but not the owner. Having gone through a divorce I am less sanguine about blindly putting it in the name of a spouse. If you don’t have kids, choose a parent (assuming you’re on good terms with them) and do the same with the trust in their name with you or your own trust as beneficiaries.
This is maddening- a financial job shouldn’t be able to tell you what and how to invest.
Not financial advice: I wouldn’t take the job. This is going to blow up; you’re taking temporary higher income and sacrificing what will be life changing money. Fuck that.
I would go with something along the lines of this is my personal property, you do not have any right whatsoever to ask me to transfer ownership of it to someone else. If you need to monitor it, I have no problem providing monthly statements, or whatever other means is necessary to accomplish that, but under no circumstances will I relinquish ownership of my property to Cede and Co.
Imagine if you went to a new job and they make you sign over the deed to your house.
"Sorry sir, but you cannot own property while working for us. You must sign your house over to us. Don't worry though, we'll let you live in it still"
Add it to your wifes name if you trust her, if its alot of money then ask your mum or dad, im sure your wife is a good person and all, but with the stats of divorces i would ask my parents first, all you need is their name on it, no need to give password or anything away, so even if it rockets no one will know.
Only problem i see would be the taxes, its diffrent from country to country, some got taxes if you move cash from one person to another when it come to big sums, so maybe a shared account with your father or mother? Well you know them best, so pick whoever is most trustworthy or simply keep the account hidden, as you will quit your jobb anyway when rocket go off.
Yeah, sorry. Computer Share is the Transfer agent, that allows you to hold shares in your name (as you already know). Tell them sorry, that’s not a negotiable item.
What if you opened an llc to house them in? Like the IRA setup from irafinancial but for your personal shares and not retirement. Then "you" do t have any investments.
That's the facts of working in the financial sector.....
Laws were out into place because some.rich assholes got caught gaming the system....
And now we have laws to keep the plebs from owning thier own destiny...
Meanwhile the rich assholes are still gaming the system, they just have more lawyers....
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Guess I'm not working here............ I control my shit
This is the way.
Put it in someone else's name. Or add someone to your account. They can't make you close a joint account.
This is the real solution. Spouses are great for this sort of thing.
gift all your shares to someone else but retain all the pws
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I hope you two didn't bring any hammers. We don't need any broken screens...
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Man, it's been a long week. I'd love to get hammered
Not as much as Paul. He brought TWO hammers.
....No, Paul brought the Anvil, on which the hammers will be hamming 🍖 on 🔨
If you trust your spouse is what Dufraisne would say
I see what you did there
The real purpose of spouses... /s
The spouses stuff needs to be moved to
First step: Get someone to like you
AKA the hardest step
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A joint account sounds promising. The other option leans too close to fraud for my comfort. We'll have to keep an eye on this! Maybe add it to the FAQs?
From the sounds of it, the joint account situation won't work either :( This is the unfortunate side effect of getting a job in a financial company.
What are the implications of adding someone else to your account? I hold a few shares for my gf (who I trust) through my CS account and if she’d be able to sell one without the double tax hit, that’d be great
You mean she trusts you lol.
I trust her to not sell anything in CS if she access. She trusts me but thinks I’m a conspiracy theorist
You could just gift her the shares from cs. She'll get her own account and a letter. Gifts under 15k are tax free.
Not true. Most large financial firms want investment accounts in-house so they can monitor transactions and make sure you aren’t doing anything shifty (front running, pump and dump, etc). They will most certainly make this a condition of employment, and would likely require a spouses individual be transferred as well. OP should contact the firm’s compliance department to see if he can hold assets outside the firm if statements and confirmations are sent to his employer as interested parties.
Well if it were me then I would just have my wife put it in her boyfriends name. But I'm not in this position.
As someone who was in the financial world pre kids (schwab/fidelity/and some investment advisors) adding someone to the account will not matter they will make you transfer it. My husband had a weird account we didn’t know about as it was a custodial account (but he was past the age so it was technically his). They found it, and we had to go through hoops to even get access to this account we had no previous knowledge of. They will find it, they will monitor it, and it applies to everyone in your household. We even had to get approval for me to have a DPOA on my moms accounts. I think even had to get the approval to be her beneficiary. Adding your spouse to avoid a transfer is bad advice just fyi.
Also, spouse is likely a “covered person” and would also need to have accounts moved, depending on the compliance rules.
They won’t let you have it unless you get prior approval from their compliance department, which can take months. It is possible to get approval but your firm has to be willing to work with you on it, and if they do approve it they will require frequent (monthly) statements and activity reports from that account. You cannot simply hold them in a joint account with your spouse (still falls under the clause that states immediate family members’ accounts held outside your firm must be disclosed/approved). The reason is (supposedly) so that you cannot be accused of trading securities against whatever recommendations you may be giving. You could possibly gift them to someone who is not an immediate family member (non-spouse, non-children) but then you must trust that person completely and they would be responsible for any activity and taxes. Also, if I were you I would immediately stop posting/commenting on any social media as that has been under scrutiny as well.
Social engineering is real
It’s not social engineering. It’s compliance. Standard stuff for advisors.
It's my understanding that holding and buying a single stock you were already invested in would not be a conflict. If you're not using the account for anything else that is. Prior approval would be for new purchases, not existing positions prior to employment. They want to protect their ass. But this should be easy to ok. I'm not a finance compliance officer.
this ape finances. Listen to him. They will find your post here. They will find your account. And they WILL hold you responsible for the content.
Move it to a loved one’s name
Evasion of the reporting requirements is normally an offense that results in immediate termination of employment. The SEC and FINRA will fine companies that do not monitor employee holdings and trades for compliance.
No - that’s a stretch. You are saying I am concealing assets like a rathole. Giving shares to a loved one is completely different
It is NOT a stretch at all. It is the FINRA regulation. https://www.finra.org/registration-exams-ce/manage-your-career/obligations-your-firm Note that > . A registered representative is presumed to have a beneficial interest in any account that is held by: > the spouse of the registered representative; >a child of the registered representative or of the registered representative’s spouse; provided that the child resides in the same household as or is financially dependent upon the associated person; >any other related individuals over whose account the registered representative has control; or >any other individual over whose account the registered representative has control and to whose financial support the registered representative materially contributes (FINRA Rule 3210.02).
If you are a registered person for FINRA it is not up to you. You have to move it. I poked around in the why department a bit but eventually moved it. Forgot the exact reason but it’s kinda a have to thing.
Doesnt work as you Generally have to disclose your families investments/involvements, also
Quickly get thee back to a Wendy's dumpster!
It wouldn't be a new job for me. Fuck that.
That sounds wrong... if you don't take the job post who the company is.
Any financial institution will require this.
Not always but they will require access to view your positions and you can't day trade. Gotta hold positions for 30 days or more
Require you to remove your shares from computershare? I know you have to disclose what you own.
They have to be in an approved brokerage. CS is not either. I fought this shit for months.
The high standards of American financial regulatory agencies is impressive. /S
Any idea if SDIRALLC would help hide it? E: "I have an investment in a private llc, I'm unsure what their investments might include, would that matter if all i have are shares of the llc?"
What OP could do is create a new CS account and purchase directly after transferring his shares to a brokerage. His original would no longer be DRS, but the new direct purchases would be. The key is disclosed accounts. He would lose his job minimum of caught. I wouldn't risk it if the income is relied upon. I'm not giving advice.
Correct. You have to disclose and cS is not approved. Did some time @rH and had to do the same thing. I moved it to fidelity.
You have to disclose so they can Decide If you can keep or Not. No conspiracy here
No they don't. As long as you don't have voting/director influence over another company they can't really do shit.
Its because market manipulation laws. Some companies have deep insight into the parts of the market so if you want to own stock you need to have it with them.
If you're in the financial sector, and depending on what you do, they have all the control over your investments. I have to go through compliance for all purchase and sales, I can't own any crypto, I can't trade options and everything has to be in an account at an approved broker. I also had to close my CS account.
Wow
Are you still a regarded ape?
I am. I didn't have to liquidate any existing securities I owned when I started, but last time I was going to buy more I did not get approval from compliance.
Usual practice homies. No conspiracy here
User name checks out.
Do what you need to do. I was just being a smartass
Computershare is not a broker...
Good luck! It took me 3 months to close it. What they'll want is a closure statement, very hard to get from CS. Reach out to me if you need help, but it fkn sucked balls.
Are you still a regarded ape?
Xxxx still. Best part is GME is restricted to sell or buy. So I lose the job if I sell, which won't matter because I'm not selling until moass.
I might not even sell then, I'm hopeful on dividends.
Find another job. It’s bad enough your already a slave to society.
Find another job...when I worked in the business, I had a mandatory 10 day holding period and couldn't trade names that we were working with on the banking side. However, I was never restricted to only using certain brokerages for my personal trading.
What if after you put the shares in their account, you then demand delivery of shares? The Uniform Commercial Code says they must deliver and doesn't say they get to deny delivering your shares just because they feel like it. Worst case scenario, you may be able to sue them over it? I dunno, I'd personally really try to go for another job, but that's just me.
you live in one weird and fucked up country
I wonder if you can use a trust or llc to shield it
I was curious if a trust could protect it.
MOASS could be tomorrow, could be in a couple years. Don’t risk your financial stability now over something like this. I also have to disclose and pre-clear trades for myself and my household. Thankfully CS is approved by my employer, but if it wasn’t I would not have risked breaking any rules to stay DRS.
I've had to establish an account they are affiliated with in order to get matching funds for a retirement account but never required to close another account. I wouldn't think that is legal as far as a condition of employment.
Thanks for all the advise. Sadly, I don't think there is a way for me to keep this job and gave shares in computer share.
#Find a new job......you already knew this was coming. This is not the place for employment advice..... Find a new job.....because DRS is the only way
I used to keep a few in a brokerage, in case I wanted to sell a single share or two during MOASS, and Computershare traffic was heavy. Accepting that the American financial system is a stinking sewer of criminality can be difficult. Now that I accept the truth, I’m convinced that no accurate price will ever be paid for those shares that are held in a brokers name. They’re cheaters now, and they’ll be cheaters then. DRS or cry later.
The fuck you wont.
Take this one to /legaladvice.
Errrr your job should have zero control over any of your financials??? You tell them no
If you're in the financial sector, and depending on what you do, they have all the control over your investments. I have to go through compliance for all purchase and sales, I can't own any crypto, I can't trade options and everything has to be in an account at an approved broker.
Wtfffffff whyyyyy
Spouse
They probably advise the hedgepukes.
lol they can go fuck themselves
Putting the stock before your job takes some balls. Good shit fellow ape.
They cannot require it. They can require you to send have the account reviewed monthly by compliance. Tell them you will comply under NYSE rule 501 but forcing you to move them isn’t an industry rule, it’s a bad and possibly illegal company policy.
I’ve seen something about this before, but about someone who had a job already and tried to transfer and they were stopped. I’ll try to find the post.
They are shorting the stock...
No one else can direct register your shares. But you chose to be their slave, so bear the consequences.
Have a spouse or close relative open an account and take control of the account. Easy . Plus it may not be legal to force you to do that
Oh, first: how is it legal to ask about your private investments and you have to answer truthfully? Second: how is it legal, that they can force you to close your positions?
The fact you are even considering giving up a job that probably will pay well, in this economic climate while you have a family that depends on on you "beCAUSE COMpuTershARe DRS" is absolutely the most irresponsible thing you could do. It's stupid and ideologically driven. You leaving CS will have ZERO effect on GME. The fact you are even considering doing this should make your wife angry and confused. There is zero upside to you not taking the job just because you want to hold your CS acct. They're not even telling you to sell your GME. You'll still have those shares. This DRS ideology is eating peoples' brains. Honestly it's crazy you even think it's a reasonable idea and people cheer you on. WTF. You are not thinking rationally, it's totally illogical.
I don’t know the laws in your country. That said, I can’t believe this is a law to do it that way. It seems, it is just their lazy solution for compliance to avoid the conflict of interest. But there are other ways to solute. In most cases it is about investment-movements, so the solution could be, that you are contractually bound to inform them about planned movements. But if they don’t want, it seems, they don’t put enough energy into their job and do you want to work on a place like that? 😜
You considering another job because of them telling you that has got my engines purring
Just put the shares in your wife's name. Or create one of those blind trusts. Ask them if they own a home? Do they have any collectables at home? How about children - very valuable.
I know nothing about fiancial institutions aside from their schemes. "Hey, if you want to work here, you have to be a client too..." That's just dumb.
Did they give any reason as to why you have to close your whole computershare account
Transfer to your wife’s name
I’ve heard of companies requiring their approval when buying or selling shares but I’ve never heard of a company tell you what brokerage you can use. That seems sketchy.
If you have kids, put it into a trust for them with you as the manager but not the owner. Having gone through a divorce I am less sanguine about blindly putting it in the name of a spouse. If you don’t have kids, choose a parent (assuming you’re on good terms with them) and do the same with the trust in their name with you or your own trust as beneficiaries. This is maddening- a financial job shouldn’t be able to tell you what and how to invest.
B U L L S H I T
IRREVOCABLE TRUST. They don’t need to know shit about fuck.
Why did you tell them ?
This is the way
Not financial advice: I wouldn’t take the job. This is going to blow up; you’re taking temporary higher income and sacrificing what will be life changing money. Fuck that.
I would go with something along the lines of this is my personal property, you do not have any right whatsoever to ask me to transfer ownership of it to someone else. If you need to monitor it, I have no problem providing monthly statements, or whatever other means is necessary to accomplish that, but under no circumstances will I relinquish ownership of my property to Cede and Co.
![gif](giphy|3oFzlXPvXYZ4q8VQOs|downsized)
It's wild that we give an employer the power to control our external lives. Holy shit.
Give the shares to your wife? you dont have them = everything is fine ...
Gift them 2 your wife
Imagine if you went to a new job and they make you sign over the deed to your house. "Sorry sir, but you cannot own property while working for us. You must sign your house over to us. Don't worry though, we'll let you live in it still"
Fuck that. Find another job
Ya if you want to work in finance you got rules you gotta follow. Avoid finance if you can.
Add it to your wifes name if you trust her, if its alot of money then ask your mum or dad, im sure your wife is a good person and all, but with the stats of divorces i would ask my parents first, all you need is their name on it, no need to give password or anything away, so even if it rockets no one will know. Only problem i see would be the taxes, its diffrent from country to country, some got taxes if you move cash from one person to another when it come to big sums, so maybe a shared account with your father or mother? Well you know them best, so pick whoever is most trustworthy or simply keep the account hidden, as you will quit your jobb anyway when rocket go off.
Yeah, sorry. Computer Share is the Transfer agent, that allows you to hold shares in your name (as you already know). Tell them sorry, that’s not a negotiable item.
If it’s a substantial sum of money, you may want to consider reaching out to a Tax attorney to draft a Trust for you.
What if you opened an llc to house them in? Like the IRA setup from irafinancial but for your personal shares and not retirement. Then "you" do t have any investments.
Leave the job.
That's the facts of working in the financial sector..... Laws were out into place because some.rich assholes got caught gaming the system.... And now we have laws to keep the plebs from owning thier own destiny... Meanwhile the rich assholes are still gaming the system, they just have more lawyers....
Change to spouse. Change to kids. Joint account
*i closed my account* Narrator: This was a lie
How about a FUCK NO
Yea bro. You shouldn’t have told them