Trading compliance checklist
Just got out of a mandatory meeting with our compliance department. The meeting was surprisingly long and very mundane. This clearly shows why I do not have a personal stock trading account. You see, our company is very stringent with the way their employee handles their own investment accounts. Every quarter, we have to disclose information about our assets.
This is industry policy when working for an investment firm. We are under strict provision from the SEC which is a group that regulates the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. Our compliance group is the middleman between us and the SEC making sure everything is handled and reported diligently.
Every investment company have this requirement whether they are extremely strict having to know every detail information or rather lenient having to know only minor info. In my case, you can tell it's the former. Failure to comply to such reporting can result in termination of my employment and serious monetary fines.
Here are some key points, but the list goes beyond this repertoire. Therefore, this is a reason why I do not have a brokerage account with securities other than a 401K. I just feel this isn't worth my time for now atleast to go through this checklist of reporting every 3 months.