Mutual Funds And Scholarship Plans
Securities regulations do not formally prohibit a mutual fund or scholarship plan representative (advisor) from having a second job, subject to their adherence to previously-stated principles and to obtaining authorization from the dealer for which they work. This dealer also has rules to follow in order for an advisor to have a second job.
Before taking on a job, an assignment, or a function, the advisor must:
- remember that each scenario is a specific case
- verify with the dealer for which they work whether it is possible to have this second job, assignment, or function, and obtain the required authorization
- update your file in the National Registration Database (NRD). If you need help, ask the chief compliance officer of the firm for which you are practising in the securities sector.
When the advisor is authorized to have a second job, assignment, or function, with or without compensation, they must:
- adhere to the ethical standards applicable to their situation
- ensure they put their client’s personal interests before their own
- respect the confidentiality of all client information they obtain through the scope of their activities
Warning: You must notify your firm within ten days of your other occupation or dual employment.