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A.J.
A.J., Employment Lawyer
Category: Employment Law
Satisfied Customers: 4211
Experience:  Licensed to practice law, I have experience in Employment, Appeals, and Landlord/Tenant Law
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Employer in a NY securities firm demands that employees provide

Customer Question

Employer in a NY securities firm demands that employees provide account statements of all securities brokerage accounts so that transactions may be screened by their compliance department-for securities violations such as insider trading, etc. They also require employees that take any stock position to hold that investment for 30 days. They do not allow the use of stock options even if those options are to protect positions. OK, I get it-pretty unreasonable, BUT HERE IS THE RUB...the employee's spouse's job is trading his own account, not the employee's and is forced to abide by the same rules as the spouse! Is this a violation of labor law?
Submitted: 10 months ago.
Category: Employment Law
Expert:  A.J. replied 10 months ago.

SavyLawyer :

Hello, and thank you for contacting Just Answer. My name isXXXXX am an employment law professional and I look forward to answering your question this morning.

SavyLawyer :

While I can certainly appreciate why those requirements would feel unreasonable to you, unfortunately nothing that you list is an outright violation of a labor or employment law. For people who work in securities, there are often incredibly intrusive rules such as the ones you are experiencing, to make sure that insider trader or related criminal violations are not occurring. Unfortunately, there is generally no labor law protection from these types of requirements. So, although certainly invasive, such rules put in place by an employer in the field of securities is not an obvious violation of any labor or employment laws.

SavyLawyer :

While of course an employer cannot actually compel someone that is not employed by them to provide information or follow rules, in the absence of an employment contract that says otherwise, refusal to do so could result in termination of the employment.

SavyLawyer :

I wish that I had better news for you but, based on the information provided, I cannot see any particular labor or employment law that is violated by this practice. Now, having said that, it is always a good idea to sit down in person with an employment law attorney licensed in New York to review the details of the policy and make sure that nothing unlawful is happening. Although based on the information you have provided it does not appear that any labor laws would be implicated, the most prudent course, before deciding whether to let a legal matter go, is to consult in person with an attorney licensed in your state.

SavyLawyer :

Should you choose to do this, the New York State Bar Association has a referral service that you may use at:

SavyLawyer :

http://www.nysba.org/AM/Template.cfm?Section=Need_To_Hire_A_Lawyer_

SavyLawyer :

or by phone at:

SavyLawyer : 1(NNN) NNN-NNNN/span>
SavyLawyer :

So, in summary, unfortunately no, based on the information provided, there does not appear to be any labor law violation as a result of the rules that the employer has in place. However, it is always a good idea to consult with an attorney in person prior to making any final decisions about whether or not to pursue legal action.

SavyLawyer :

I appreciate the opportunity to answer your question, and let me know if you require any additional information or need clarification for anything I have said (never be afraid to ask for clarification!). Otherwise, please remember to RATE my answer so that I can receive credit for my work.

<span class="JA_chatAuthorName"Customer:

Thanks-helpful even if not what I hoped for.

A.J., Employment Lawyer
Category: Employment Law
Satisfied Customers: 4211
Experience: Licensed to practice law, I have experience in Employment, Appeals, and Landlord/Tenant Law
A.J. and 6 other Employment Law Specialists are ready to help you

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