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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91933
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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If you work at an asset management firm and they ask you to

Resolved Question:

If you work at an asset management firm and they ask you to report all your accounts to them - is that just because it's a firm policy or is there an actual securities law / federal or state law that requires asset management employees to report all their accounts to their employer?

If you signed an agreement with the firm stating that you'll report all your accounts to them - if you violate that agreement - aside from firing you - what other recourse do they have? (i.e. can they make you dissolve your account? take your capital gains? etc)
Submitted: 4 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 4 years ago.
That is a security measure undertaken by asset management firms to prevent embezzlement of money from the firm, since they would know where to look if money were missing and if an employee failed to inform them of an account then it is grounds for termination. The provision of account data is not specifically in any of the laws, what is in the laws is that these firms must have security measures in place and have been left to devise their own security measures and this is certainly part of a valid security measure.


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Customer: replied 4 years ago.
So basically, it is not illegal and their only recourse is termination?
Expert:  Law Educator, Esq. replied 4 years ago.
It is not illegal for them to ask for the information and if the employee refuses then they can terminate the employee.
Customer: replied 4 years ago.
No, I meant it's not illegal for you as the employee to not disclose and the only recourse they have if they find out you did not disclose is to terminate you? (not take your money or sue you for not disclosing)?
Expert:  Law Educator, Esq. replied 4 years ago.
It is not illegal to not disclose on the employer's forms (but not advisable to fail to do so if you want the job or need to keep the job), just grounds for termination for truthfulness (and that can keep you from getting a new job). The only place it is illegal is if you are asked on any federal disclosure forms and you fail to disclose, the it is punishable by up to 5 years in jail and up to a $10,000 fine.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91933
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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Law Educator, Esq.
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All corporate law, including non-profits and charitable fraternal organizations.