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Selling Away

Under National Association of Securities Dealers (NASD) Rule 3040, brokers may not deal in private securities except in limited cases. As defined, private security transactions are those transactions which are not a part of the broker's regular work with the brokerage house. In order to sell private securities, a broker must give written notice to the brokerage house. The brokerage firm has the discretion to approve or deny the broker's request. If a broker tells an investor about  "secret" investments that cannot be revealed to other brokers, offers securities not available through the brokerage firm or asks for payment to be rendered to a third party, rather than the brokerage house the broker may be selling away.

Fast Facts

Issue name: Selling away
Applicable law/agency: Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD)
Related topics: Securities, breach of fiduciary duty, stock market losses, misrepresentation/omissions
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Private Security Transaction May Be Selling Away

When a broker sells a customer an "investment" outside the investment products offered by the brokerage firm and outside the client's account, there may be a selling away issue. These... read more

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Useful Web Sites Related to Selling Away

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Wikipedia Entries Related to Selling Away

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Books Related to Selling Away

Successful selling: how to keep your prospects from running away from you.(Report from the Front Lines) : An article from: Detroiter

How to 'back away' from a business without selling.(exit planning)(Column) : An article from: San Fernando Valley Business Journal

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