EY independence policy
Hi everyone, My spouse is going to join Ernst and Young (EY) and they have an independence policy according to which both the employee and their immediate family member can't own certain restricted stocks. This list unfortunately includes almost every major stock in S&P500. EY is expecting me to sell all of my holdings before my spouse's joining date. Since the market is very bad now, I'm losing several thousands if I sell everything. A few questions I have are: 1. Is there a way to circumvent this? 2. How strict is the policy enforced and what are the consequences of not following it? 3. Is it possible to transfer my holdings to a reliable friend? Thanks in advance!
There isn't a way to circumvent this. The policy is very very strict and your spouse can be terminated if they don't follow independence guidelines and are audited. I can't answer the third question for you.
Just not join EY. Lol
It's a sweat shop
Didn't have a choice. On visa
And yes, the policy is ridiculous and oh so very frustrating.
The words they use like "dispose" your investment seems so rude. I've accumulated a very large amount over several years of work at my company with RSUs and I'm expected to sell all of it if I leave my company. Which is ridiculous. I might incur a huge loss as well as a lot of taxes
If you're still employed at your company, you don't need to dispose of those stocks. My spouse is at Amazon and all his employment related RSUs are allowed.
Yes you must and there’s no alternative. One option is to dispose of them and buy FXAIX, it is permitted.
What about my company provided RSUs? I've accumulated a very large amount of it over multiple years. I'm expected to simply sell all of it if I need to switch jobs
Independence sucks, if they aren’t coming in at a manager+ level, they aren’t required to put their investments into the broker feed, you can get away with it but there’s a risk that your spouse gets audited, they’ll get found out
They aren't in manager level. Only senior-level. Do you know how can EY identify what the spouse has in their personal investment account?
I think EY independent rule enforces the employee and immediate family members. If your spouse does not report and get caught, there will be consequences to varies degree. However, not every stock are restricted for purchase by EY, your spouse should look up GMS and see which ones need to be disposed. I’m pretty sure you can hold VOO.
Yeah, but that doesn't help. I hold a lot of several individual restricted stocks amounting to a large amount. This doesn't include my company provided RSUs which is also huge over several years which I'm expected to sell if I shift jobs. How does EY know all this? Where's the spouse working, what are they holding in personal investment account? What if I decline to provide these info
Which group she is joining? If audit she definitely has to but if consulting I would say wait. Because EY is planning to split consulting and audit which will help you to own any securities
It is consulting
Please ask her to consult EY before disposing
They didn't give an F. Simply said dispose all of it before joining. That's all
Just don’t report it… feel free to dm me
Fully agree with that ^
Horrible advice
Following as I’m in the same boat. So if my wife works for a major org and they give her said org company shares, she cannot own them?
According to the company policy, company granted RSUs are alright to hold as long they work. If they leave the company, they've to dispose all of it. Seems ridiculous because it's very insane to sell a lot of RSUs saved over a long period in just one day.