What are the restrictions when trading as a Fidelity employee ? Do we’ve to transfer stocks out of our non Fidelity brokerage into Fidelity and how does it affect buying/selling stocks ? Do we need to get approval for every buy and sell ? TC:200k
Send an email to your compliance department
At the company I work for: -All assets and sources of income are reported to a compliance department -Every buy and sell needs preapproval from compliance -you cannot profit from a trade within 60days from when you bought it
How long does it take for preapproval ? Does your buy price gets locked in ? Is preapproval required for each share you buy or you can do it in bulk ?
most of common stocks are approved instantly. $GME like stocks takes days. PE stocks takes weeks, my experience. No, price not get locked. If you decide to buy A at price of 10, approve takes two days now price is 20, you must buy it at 20.
SEC takes this very seriously. You caught by company twice, the worst case is to be fired. Caught by SEC? You will be charged, legal cost is significant.
Caught doing what?
Does approval have to be taken for Option trading also?
Not fidelity employee but in similar place 1 report ALL your HOUSEHOLD investment. 2 must hold in designated broker, no robinhood. 3 no day trade, minimal holding 30 days 4 there is an automatic approval system. must report for approval before trade, not GTC order. Approved order must be executed on the approval day.
How about Interactive Brokers ?
All financial institutions have similar policies.