Employee disclosure requirements

Clauric

I'm wondering if anybody can opine on this issue.

Currently working as a contractor with a large US MNC in the financial services area. Employer has recently changed its disclosure rules regarding investment accounts.

The new rules require me to provide information on any investment account(s) held by me (N/A), spouse/partner (no spouse/partner), dependents (N/A), as well as any relative living in the same household. It also imposses a hold on selling investments that have been bought within 30 days.

As I currently live at my parents, I would assume that my parents are covered by the relative provision. They are both retired, and both have investment accounts, with reasonable stock portfolios held in a large Irish stock brokerage firm. I am not aware of their exact holdings, not do I have any say in the activities of the accounts.

From my understanding of my company's rules, I would have to declare that accounts, provide quarterly statements as to the holdings, and submit trade requests, for approval, in advance of trading for both accounts. Without this pre-approval, I can be dismissed for gross negligence.

Any suggestions on the legality or otherwise of these rules?

Edit: I should note that I see investor information, in terms of holdings in share classes, in large UCITS providers, but am not privy to the underlying positions.

Robbo

Chances are this stems from the Market Abuse Directive which is updated quite frequently (most recent Irish implementation, other piece of legislation also exist). It's boring, long, technical and there isn't enough coffee in the country that will make me read it today.

Perhaps have a word with a senior to see if you fall within its scope.

Clauric

Robbo wrote: »

Chances are this stems from the Market Abuse Directive which is updated quite frequently (most recent Irish implementation, other piece of legislation also exist). It's boring, long, technical and there isn't enough coffee in the country that will make me read it today.

Perhaps have a word with a senior to see if you fall within its scope.

Thanks for that. I'll have a look at the document ( I'm an insomniac, so it might help). As for whether I'm in scope for the new rules, I've been told I am.

emeldc

Clauric wrote: »

Thanks for that. I'll have a look at the document ( I'm an insomniac, so it might help). As for whether I'm in scope for the new rules, I've been told I am.

So if you moved into your own house does that mean you wouldn't have to disclose any info on your parents.
What if they say no, it's their private business. Or what if they only give you some info but not all. How would you know.
Maybe I'm missing something but how can rules like this be enforced.

Carawaystick

I'd have a look at the data protection implications of this.
What will your employer do with your parents data?
Why do the need those data?
Can they be sure you parents gave a free and informed consent (given you could loose your job if they don't give the data)

I couldn't see a dismissal being held up in court.
Are you permanent in your job, i.e. past probation period?

Graham

Carawaystick wrote: »

Are you permanent in your job, i.e. past probation period?

OP is a contractor.

OP have you spoken to the MNCs compliance department. You've probably been bombarded with communications from them regarding compulsory compliance training.

Clauric

emeldc wrote: »

So if you moved into your own house does that mean you wouldn't have to disclose any info on your parents.
What if they say no, it's their private business. Or what if they only give you some info but not all. How would you know.
Maybe I'm missing something but how can rules like this be enforced.

If I moved somewhere else, where there were no relatives, then I'd assume that I wouldn't have to declare it.

From my perspective, it seems strange. I'd understand if I had power of attorney over their accounts, but not otherwise.

From an enforcement point of view, anything to the documents provided, they have data share agreements with all major stockbrokers to share relevant data ( I'm assuming this is for highly regulated countries). If that is the case, and my surname is fairly unique in this country, it wouldn't be hard to figure out who was who.

Clauric

Graham wrote: »

OP is a contractor.

OP have you spoken to the MNCs compliance department. You've probably been bombarded with communications from them regarding compulsory compliance training.

I've made contact with them, asking general questions, but the impression I got was that if I don't provide the documents, I get let go.

Clauric

Carawaystick wrote: »

I'd have a look at the data protection implications of this.
What will your employer do with your parents data?
Why do the need those data?
Can they be sure you parents gave a free and informed consent (given you could loose your job if they don't give the data)

I couldn't see a dismissal being held up in court.
Are you permanent in your job, i.e. past probation period?

Might look to the DPC, and see what they can give me.

Carawaystick

Graham wrote: »

OP is a contractor.

OP have you spoken to the MNCs compliance department. You've probably been bombarded with communications from them regarding compulsory compliance training.

And yet the thread title mentions employee requirements.