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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4549
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am an IT contractor, through my own Ltd. I just started a

Customer Question

Dear Sir/Madam,
I am an IT contractor, through my own Ltd. I just started a contract in a company in the financial sector.
My wife is a retail trader; she trades derivatives, index options. I opened a trading account for my Ltd and she will trade some of my company money as well.
The company I started working for has a private account policy, so everybody that works there needs to disclose any security holdings, private broker accounts, etc. Also depending of what the person trades, a trade request need to be submitted to the company before the employee/contractor do any deal. The company said that generally deals requests are authorized within 1hr, but from my wife’s previous experience its not quite so. She worked in the financial sector before, and sometime it took more than a day for her deal requests to be authorized.
I know that inside trading is a civil offence, and cases of gross misconduct can lead to immediate dismissal, but I have no intention to inside trade, have no access to sensitive information, and is not even me that will do the trades, is my wife, she is the one that has all the know-how. I am wondering what it would be the the worse case scenario if I don’t declare my private account? How would the company find out that I have a trading account in my company’s name? Even if they would find out would this information be share with other companies or employment agents?
I just want to avoid the hassle of having to submit deal requests every time my wife will trade something, after all I will be there for only a couple of month, but at the same time I want to avoid problems in getting other contracts in the future or have anything bad linked to my company name.
Kind regards
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.


I believe I have answered this. Please refer the below URL;

If this link doesn't work, I re-produce my reply below.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

From what I understand from your situation, it is YOU who is supposed to be contractually bound with the company who you work for. The company that you work for requires YOU to abide by its private account policy.

Having said this, you do not need to take / submit any trade requests for this. You are not required to do it. Let me explain.

The trades that you are going to put will be in your ltd company account who is a separate legal person / entity in the eyes of law. Further more, you wife would be trading and no trades of her would be initiated because of any inside information passed on by you. I do not think your ltd company account traded by your wife falls under the purview of this private account policy.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,