No More PRIVATE Emails/IMs?

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Jul 10, 2007 11:56 am

The NASD and NYSE have submitted a proposal to their members that would seemingly expand policies against your use of email, instant messaging, personal computers, etc.  While some of the measures are appropriate, the looming questions are 1. when will this regulation stop and 2. why aren't individual RRs entitled to vote on such a proposal.


Please read Bill Singer's comment as submitted to the NASD.


http://www.rrbdlaw.com/brokeandbroker/index.php


Jul 10, 2007 12:20 pm

2. why aren't individual RRs entitled to vote on such a proposal.


Right on my brother! Union NOW! We want a seat at the table!

Jul 10, 2007 1:19 pm

All my business email correspondence from and to product providers and from and to clients go through a company approved email account and the correspondence is archived by a third party.   We are told not to use IM programs, which I don't anyway because they are a distraction.  Emails that I send or recieve from clients (which is very rare) I print a hard copy and submit with my monthly correspondence report.


I do have personal email boxes on my computer for family, friends, jokes and my husband's business correspondence that I can monitor for him occaisonally during the day.


What are they proposing now that is different from current email monitoring? 

Jul 10, 2007 1:50 pm

The NASD/NYSE are now attempting to extend their oversight to all personal communication devices (personal computers at home, iPhones, etc.)


Fat chance of that.   I dare them to try and regulate my husband's use of the laptop or other computers at home because I also happen to use the same equipment and share the same ISP.   If they go that direction, we could have a good ACLU case. 

Jul 10, 2007 1:55 pm
rrbdlawyer:

My answer to that question is simple:  registered persons on Wall Street have no credible organization that advocates for their rights, and regional/independent firms lack a similar, credible trade group. 


Hi Bill.
What are your thoughts on FSI?

Jul 10, 2007 2:59 pm
Dust Bunny:

The NASD/NYSE are now attempting to extend their oversight to all personal communication devices (personal computers at home, iPhones, etc.)


Fat chance of that.   I dare them to try and regulate my husband's use of the laptop or other computers at home because I also happen to use the same equipment and share the same ISP.   If they go that direction, we could have a good ACLU case. 



I didn't know there was such a thing as a good aclu case.

Jul 10, 2007 3:01 pm

Only if they are doing what I want them to do. 

Jul 10, 2007 3:13 pm
Dust Bunny:

Only if they are doing what I want them to do. 



I love you. In ten years, if neither of us happen to be married anymore, it's me and you, babe.

Jul 10, 2007 3:44 pm

LOL... its a deal.  Be sure to bring your balance sheet.  I'll bring mine 

Jul 10, 2007 3:57 pm
Dust Bunny:

LOL... its a deal.  Be sure to bring your balance sheet.  I'll bring mine 


If you'll tell me what you are looking for on my balance sheet, I will make sure that it is there.

Jul 10, 2007 5:17 pm
rrbdlawyer:

Reply to Mike Danone:


Mike, there are only three reputable trade groups seeking to represent the independent/regional broker dealer community:  NAIBD (National Association of Independent Broker Dealers), FSI (Financial Services Institute), and FIA  (Financial Industry Association).  Although I believe that all three groups are sincere in their advocacy, I don't believe than any one has truly emerged as a legitimate representative for the entire independent/regional NASD BD community.  Why?  Because,and this is my most important point, not one of the three groups has at least 1,000 paid NASD members (which would be about 20% of the total membership).  The first one to get to that level would at least be able to say it has "critical mass" when it comes to members.


As to my personal views on the three organization, let me politely dodge that question at this juncture rather than fill up this post with insincere crap.  At present I feel closest to FIA, then to NAIBD . . . and FSI is a distant third.  I recently served as FIA's Counsel during the last round of contested elections and the effort to derail the NYSE/NASD merger.  I wish that group would transform itself into a dues-paying membership but that change has been slow to materialize.  I respect NAIBD's accomplishments but there are some issues between me and some senior members of that organization that prevent me from any closer relationship.  As to FSI, I admire John Simmers but so far I don't see that group as challenging the turf that NAIBD and FIA have more aggressively set out and defended.


Does that answer your question? 


Bill



Yes it does.  Thank you Bill.


Jul 10, 2007 5:51 pm

be to simply PROHIBIT the use of home computers for "business" purposes.  Now, seriously, how the hell can you ensure that such a prohibition is observed?  Like you're going to know that the home employee is improperly using emails on a contemporaneous basis? :


Yeah.  No kidding.  I dare them to come to my home and try to monitor my and my husband's personal comupter usage.


I dont' work from home, but I would imagine that the way to enforce the ban would be to no longer allow home offices as the NASD registered location.   Even still, I agree there is no way to monitor this home usage of sending emails.  Unless the NASD has the broker dealer install dummy terminals there is also no way to be sure that I am not installing more email accounts on a work location computer. 


These dopey rules are made by people who don't have a clue about how computers, the internet and tech systems work.  Any 8th grader can get around them

Jul 12, 2007 10:14 am
Jul 12, 2007 12:30 pm
Jul 12, 2007 12:59 pm

Joe, I think as long as we remain personally anonymous, don't tell what firms we are working for or what location and office we have, and don't discuss particular investments or make any recommendations in specific investments... it might be ok.


Generalizations and academic types of discussions about investments, annuities, insurance in general and suggestions on how to prospect aren't sales presentations to the public...I wouldn't think.


The bigger issue is the guys who go to a chat room or bulletin board forum and tout or bad mouth the stock of the XYZ or ABC company to make the market price move so they can make a profit.  Or the people who are trying to drum up business for themselves  and blast emails to recommend investments without going through their compliance departments first to make sure that they are not making false claims.  Monitoring emails isn't that difficult IF the reps faithfully use the company email account.  I do, but I gather that many don't.


My clientele is such that emails are few and far between and usually are general office things, like I'm sending you a form to sign or here is a duplicate copy of a statement.   I have no problem with them monitoring my business email box.  HOWEVER, I do have a huge problem with them intruding into my personal email boxes either through my ISP or the google or yahoo accounts I have made and delete when they get too full of spambots.


I agree with Bill that we need to have some sort of an organization that represents US as working reps.   The rules and paperwork to comply just gets more and more time consuming and expensive for our B/D to implement, not to mention the redundancy of what we have to do in the field for compliance.   In addition, many of the rules are made by people who are clueless on how the real world operates and real live clients think.


At one time in the past I belonged to a union and paid dues to have lobbying and representation of the members issues brought to the attention of law makers.  There was good and bad about a union.  They did get things done, but the full time union officials were also making a lot of money and there was graft and corruption (I know... unbelievable ) Possibly a union is something that we as reps should consider?

Jul 13, 2007 8:44 am

TGP active member here. How does this affect use of this or other broker forums? Pm's, posting messages, hints of applepie stock?  Will we all be censored and will now have to watch how we act on Internet due to big brother NASD?  Is nothing sacret anymore? Please give all of the implications so we understand how we will be affected here. What's the probability of this becoming inacted?


Will we need to find a new line of work where we won't be censored with enactment of standardization of ethics so we're free to be an internet molester, forum junkee or harrasser if we happen to want to grow up to be just like Bobby?  Bobby is our hero! we all want to emulate.