Joe Cocker Compliance Video SIDE BAR: In the event you're not familiar with the lyrics, I have embedded a very helpful video of the late, great Joe Cocker's live performance of "With A Little Help From My Friends," replete with a fascinating, real-time translation. Even if you think that you know the lyrics, trust me, you're going to want to watch this hysterical video:
MR. TRAVIESO ACTED IN A MANNER THAT IS INCONSISTENT WITH THE FIRM'S POLICIES AND PROCEDURES AND MAY HAVE VIOLATED APPLICABLE REGULATORY REQUIREMENTS,M INCLUDING USING HIS RESIDENTIAL ADDRESS AS THE MAILING ADDRESS FOR CERTAIN CUSTOMER COMMUNICATIONS. MR. TRAVIESO'S CONDUCT HAS ACCORDINGLY FALLEN SHORT OF THE STANDARDS TO WHICH THE FIRM HOLDS ITS REGISTERED REPRESENTATIVES.
NASD Conduct Rule 3050. Transactions for or by Associated Persons(a) Determine Adverse InterestA member ("executing member") who knowingly executes a transaction for the purchase or sale of a security for the account of a person associated with another member ("employer member"), or for any account over which such associated person has discretionary authority, shall use reasonable diligence to determine that the execution of such transaction will not adversely affect the interests of the employer member.(b) Obligations of Executing MemberWhere an executing member knows that a person associated with an employer member has or will have a financial interest in, or discretionary authority over, any existing or proposed account carried by the executing member, the executing member shall:
(1) notify the employer member in writing, prior to the execution of a transaction for such account, of the executing member's intention to open or maintain such an account;(2) upon written request by the employer member, transmit duplicate copies of confirmations, statements, or other information with respect to such account; and(3) notify the person associated with the employer member of the executing member's intention to provide the notice and information required by subparagraphs (1) and (2).
(c) Obligations of Associated Persons Concerning an Account with a MemberA 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; provided, however, that if the account was established prior to the association of the person with the employer member, the associated person shall notify both members in writing promptly after becoming so associated.(d) Obligations of Associated Persons Concerning an Account with a Notice-Registered Broker/Dealer, Investment Adviser, Bank, or Other Financial InstitutionA person associated with a member who opens a securities account or places an order for the purchase or sale of securities with a broker/dealer that is registered pursuant to Section 15(b)(11) of the Act ("notice-registered broker/dealer"), a domestic or foreign investment adviser, bank, or other financial institution, except a member, shall:
(1) notify his or her employer member in writing, prior to the execution of any initial transactions, of the intention to open the account or place the order; and(2) upon written request by the employer member, request in writing and assure that the notice-registered broker/dealer, investment adviser, bank, or other financial institution provides the employer member with duplicate copies of confirmations, statements, or other information concerning the account or order;
provided, however, that if an account subject to this paragraph (d) was established prior to a person's association with a member, the person shall comply with this paragraph promptly after becoming so associated.(e) Paragraphs (c) and (d) shall apply only to an account or order in which an associated person has a financial interest or with respect to which such person has discretionary authority.(f) Exemption for Transactions in Investment Company Shares and Unit Investment TrustsThe provisions of this Rule shall not be applicable to transactions in unit investment trusts and variable contracts or redeemable securities of companies registered under the Investment Company Act of 1940, as amended, or to accounts which are limited to transactions in such securities.