Connect with us

Hi, what are you looking for?

Trending News

Finra eases rules on expensing meals amid pandemic

Schmoozing clients stuck in lockdown can be a thankless task, what with virtual meetings plagued by glitchy audio, childcare intrusions and the monotony of the ubiquitous bookcase in the background.

A U.S. watchdog has some good news.

The Financial Industry Regulatory Authority Inc., which oversees Wall Street brokers, said it would allow bankers and traders to expense meals as entertainment costs even if they’re just hosting an online get-together.

Finra’s strict limits on gifts have always included an exemption for entertainment, which typically means restaurant excursions. So what happens in a video-only world?

“A key distinction between gifts and business entertainment is that the latter involves an associated person of a member personally hosting employees of institutional customers,” Finra said in a notice on its website this week. For virtual business-entertainment events or meetings, the authority said it would view food and beverage costs as exempt from its $100 gift limits.

Finra’s only request: The host shouldn’t set up a video call, order the meal and disappear. Fancy care packages to cheer up clients are still prohibited.

[More: Number of B-Ds, reps registered with Finra falls again]



Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Trending News

via blogmaverick I wanted to get an understanding of what opening meant to businesses around Dallas. Were they opening? What precautions were they taking? Were...

Trending News

by Dr. Eowyn Washington State governor Jay Inslee is not only a rabid leftist (see “Washington Gov. Jay Inslee Signs Seven Anti Gun Bills...

Trending News

Canada Life has extended its segregated portfolio service (SPS) to a wider range of bonds. The SPS provides clients with access to an offering...

Trending News

by Tom Wigand Cross-posted from trevorloudon.com An ordained minister from Chicago. A former Black Panther. Supported by the Democrat Socialists of...