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Selling Away

Issue name: Selling Away
Applicable law/agency: Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD)

Related topics: Securities, Breach of Fiduciary Duty, Stock Market Losses, Misrepresentation/Omissions
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Selling Away Information

Under National Association of Securities Dealers (NASD) Rule 3040, brokers may not deal in private securities except in limited cases. As defined, private security transactions are those transactions which are not a part of the broker's regular work with the brokerage house. In order to sell private securities, a broker must give written notice to the brokerage house. The brokerage firm has the discretion to approve or deny the broker's request. If a broker tells an investor about  "secret" investments that cannot be revealed to other brokers, offers securities not available through the brokerage firm or asks for payment to be rendered to a third party, rather than the brokerage house the broker may be selling away.

Private Security Transaction May Be Selling Away

When a broker sells a customer an "investment" outside the investment products offered by the brokerage firm and outside the client's account, there may be a selling away issue. The National Association of Securities Dealers (NASD) has strict guidelines regarding private securities transactions, NASD Rule 3040 - Private Securities Transactions of an Associated Person. Under NASD Rule 3040, a private securities transaction means any securities transaction outside the regular course or scope of broker's employment with their brokerage house, and includes, but is not limited to, new offerings of securities which are not registered, and that the Broker receives a selling compensation. read more

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Selling Away Videos

Selling Away

Selling Away Lawsuits

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Selling Away News Articles

Vimpelcom confirms closing of ‘large and complex’ Wind Telecom deal: CommsUpdate : TeleGeography Research

Travel industry and travel agent news and jobs from Travel Trade Gazette - ttglive

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Selling Away Newsfeeds

Burma Aims to Attract Investors with SEZ Law

Warren Buffet: Japan’s crisis creates a ‘buying opportunity’

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Selling Away Useful Web Sites

Anapol Schwartz, Securities Fraud Attorneys

Cohen Placitella and Roth, Selling Away Attorneys

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Selling Away Wikipedia

Private Securities Litigation Reform Act

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