Denial of purchase of shares and similar for wife & children
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BobHants20 said:Hi.
My new employer is imposing rules upon me post a merger, which due to the possibility of access to information which could be classed as insider trading (I actually do not have any access whatsoever), means that I need to attest that I will no longer purchase any shares anywhere in the world.
They are stating however that this attestation applies to my wife and children (who are still financially dependant). This effectively prevent my wife purchasing shares, or, my children.
Is this legal? Surely my wife is allowed to have financial privacy and could refuse to disclose this information. This would render me unable to attest to the rules and I am worried could lead to disciplinary action.
"If" I had access to this kind of information, it would be different, but it seems that instead of classifying people in my old company appropriately, they are applying the maximum rules to us all. Not everyone in my new company is classified that way - but it seems to be where they've put in the in the organisation.
Thanks in advanceGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Yes I have. Their view so far seems to be 'if you don't like it, leave'.0
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I used to work for an US investment bank in London.
All employees, at all levels, were required to provide the bank with a comprehensive breakdown of all shares held and to move all purchases and sales to an in-house facility. In short: to show what shareholdings we held at all times.
This requirement also extended to spouses so I was expected to also move my husband's shareholdings to my bank's control.
However my husband worked at a different bank ... and his bank had exactly the same requirement.
Not holding any shares is unusual but being required to provide your employer with full disclosure of yours, and your families, shareholdings is quite common. Or at least it was in my day.0 -
BobHants20 said:Yes I have. Their view so far seems to be 'if you don't like it, leave'.0
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I have to declare absolutely every financial arrangement to my employer, for me, my partner and financial dependents. Shares, pensions, loans, bank accounts, insurance etc. I am not able to hold shares and certain financial arrangements in some companies at all. It’s surprising you are being told you can’t hold ANY shares as I thought my employer was very strict, but if that is your employers conditions of employment 🤷🏼♀️1
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New_in_the_fens said:I have to declare absolutely every financial arrangement to my employer, for me, my partner and financial dependents. Shares, pensions, loans, bank accounts, insurance etc. I am not able to hold shares and certain financial arrangements in some companies at all. It’s surprising you are being told you can’t hold ANY shares as I thought my employer was very strict, but if that is your employers conditions of employment 🤷🏼♀️0
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BobHants20 said:New_in_the_fens said:I have to declare absolutely every financial arrangement to my employer, for me, my partner and financial dependents. Shares, pensions, loans, bank accounts, insurance etc. I am not able to hold shares and certain financial arrangements in some companies at all. It’s surprising you are being told you can’t hold ANY shares as I thought my employer was very strict, but if that is your employers conditions of employment 🤷🏼♀️
Putting restrictions on how 'easily' you can buy and sell shares is vastly less onerous than your original concern.
Which is it?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
This is only a temporary restriction. Why the urge to trade now?0
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Depends on your role,but this is quite common. I can hold, and connected persons can hold shares, but selling is more difficult.
Our company also informs us that its not relevant if we hold a Multi Asset fund for e.g where we are not in control of the individual companies that are bought.0
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