Form 407 Finra - Page 2

Video Tutorial How to Fill Out form 407 finra

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Questions & answers

It's a required practice for compliance officers to monitor staff personal trading. Many examine employees' brokerage statements and trade confirms.
Definition: The Rule 407 letter is a conduct regulation pertaining to how and when a member of the Financial Industry Regulatory Authority (FINRA) is allowed to hold investments in a personal account.
Rule 3210 requires financial advisors to make a request and obtain consent from the FINRA member firm they work for to keep their accounts somewhere else. It also requires a disclosure letter to the outside firm when a securities industry professional opens an account.
NASD Rule 3050 states that “a person associated with a member, prior to opening an account or placing an initial order for the purchase or sale of securities with another member, shall notify both the employer member and the executing member, in writing, of his or her association with the other member.” Once a firm
(a) No member or member organization shall, without the prior written consent of the employer, open a securities or commodities account or execute any transaction in which a member or employee associated with another member or member organization is directly or indirectly interested.
A 3210 letter—formerly known as a 407 letter—refers to the written permission that an employer gives for certain member employees to hold investments. Firms can also request to receive duplicate account statements so that they can see the securities held in a member's personal investment accounts.