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Est1 Task 1 Essay

4083 words - 17 pages

Introduction

This manual sets forth the official compliance policies of Edward Jones. All individuals employed by or working at the firm are required to familiarize themselves with the content and review the manual at least annually.
While the manual addresses policies of a compliance nature, individuals are expected to conform to the laws, rules and regulations of the industry and their particular jurisdiction regardless of whether they are covered in this manual.
Standards of fairness and good business practice apply in all circumstances. Violations of laws, rules, regulations and firm policies can result in disciplinary or regulatory sanctions against an associate, as well as fines ...view middle of the document...

) are repositioned after a short holding period, or
Commissions charged could be viewed as high based on the holding period.
Client contacts or acknowledgment letters may be requested to document the clients' understanding of the transactions and commissions paid. Commissions on long-term investments, such as bonds and various other investments, are based on expected holding periods.
Field Supervision may determine commissions need to be adjusted even in situations where:
Client profited from the short hold, or
Edward Jones published guidance that prompted the financial advisor to suggest a move to the client
Purpose of Policy
To make sure clients are treated fairly, commissions and sales charges may not be set unreasonably high. The amount or range set by the firm is designed to reflect a fair price charged for executing the transaction given the level of risk to the firm.

Continuing Education

Background
NYSE Rule 345A and FINRA Rule 1250 require continuing education for certain registered individuals.
Policy
Associates subject to these rules are required to complete the FINRA Regulatory Element and the firm element courses required of them by the firm. Associates are notified by the Continuing Education department regarding regulatory element and firm element continuing education required to be completed.
Failure to complete the continuing education obligations set out in this policy will result in the firm suspending you from any responsibilities requiring registration until the requirements are met.
Purpose of Policy
The rules of the securities industry are constantly changing. To make sure you stay apprised of these changes, regulators and the industry agreed on continuing education requirements registered individuals must meet.
Contact
Continuing Education or Compliance Registration department

Diminished Capacity and Suspected Financial Abuse of Seniors

Background

FINRA Regulatory Notice 07-43 reminds firms of their obligations to senior investors and highlights industry practices to serve these clients.

Policy

If an associate suspects a client is no longer able to understand investment features or concepts to the extent necessary to make decisions on their accounts or if they believe the client may be the victim of financial abuse by a family member, caregiver or other third party, the associate should immediately contact the Field Supervision department.

A review of the situation will be performed to determine if the situation merits further action. Should the review result in continued concerns, actions may include:
Client contacts
Information requests from the branch or other home office departments
Account restrictions
Contacts to local, state or federal agencies
Purpose of Policy
Diminished capacity and suspected financial abuse are issues associates may encounter when dealing with senior clients.

Ethics Hotline

Background

The Sarbanes-Oxley Act of 2002 requires the firm to...

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