EY Fishes: I am new at EY. Just got an email from GMS that some stocks that my husband owns are to be disposed off immediately. These stocks are mainly tech companies, and are not my clients. How should I respond? Please help.

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New Job or New Husband 🤣.
On a serious note, if they’re audit clients, it’s an SEC Mandate that we cannot own stocks as u might hav access ( even if u don’t work for the said client) to Material information such as Earnings, M&A or other sensitive information.

No she cannot, that’s the downside of Big4s. She’s not exempted from that predicament.
As pointed out, even if it’s part of the compensation, husband has to sell it off on the day it vests.

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If they are restricted, you need to dispose of them.

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Thanks.

Unfortunately either the stocks go or the husband goes unless you switch jobs.

likefunny

If your husband works at a company we audit and it’s part of his package, you need to consult with independence but they will let you retain them until they vest. Work with them.

Otherwise you have to dispose of them or decline the offer or I suppose you could also divorce your husband. Unfortunately we have one of the strictest independence policies for audit clients, and we audit most of the Silicon Valley.

likehelpful

I reneged on an EYP offer after I learned about these ridiculous policies.

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Yes, was killing time at the optometrist waiting to be seen. All done now with no change in prescription. Thanks for asking!

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No response necessary - you just need to exit the positions. EY audits a lot of tech.

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Not sure if PwC and other audit firms do this or not but rule such as this should be very clearly explained in the verbal offer and also in the written offer. It should not come as a surprise after one has resigned from a job and accepted an offer.

smarthelpful

If you are an SM or director and don’t know this by now, I think you need to reconsider where you apply. All Audit firms have the same laws

funny

Deloitte 1: Seem to have woken up on the wrong side of the bed today? No worries - this too shall pass. I know you guys can self-clear. I was just wondering if EY has something similar. And obviously, you didn’t even notice that my original question was for EY fishes - oh, well.

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But my husband doesn’t want to dispose these shares. These are restricted, but not my clients. Is there a way to clear them? One of them is AMZN.

What your husband wants is sadly irrelevant. The only spousal investments that merit exemption are current employer retirement/pension plans.

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EY audits a lot of tech companies. You or your spouse can’t own stock in any company EY audits.

Do they not allow you to self clear? At D you can self clear as long as you’re not actively consulting on the account.

Yeah, not able to self clear? I don’t understand that part as well.

Is there a list available sooner or you just get to know after onboarding?

U can check with the independence team.

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