Printer Friendly


The Insurance Issues column that ran in the December 2001 JofA (page 37), raised the question about what type of entity CPA firms should set up to allow them to sell insurance policies that qualify as investment securities.

Generally, anyone who sells investment securities or receives commissions from their sale must have the appropriate NASD license. Additionally, that individual must be associated With a firm that is an NASD member.

NASD rules prohibit the sharing of securities commissions with unlicensed persons. Issues of how to handle securities commissions within an accounting firm are best handled by the compliance department of the firm's broker-dealer or by outside securities counsel.
COPYRIGHT 2002 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Date:Nov 1, 2002
Previous Article:How to respond to policy changes: coping with rising premiums and decreasing death benefits.
Next Article:Exposure drafts outstanding.

Related Articles
Congress clarifies denial of redemption expenses under sec. 162(k).
Mercury and the central nervous system. (Correspondence).
Effects of a values clarification curriculum on high school students' definitions of success.
Clarification on nurse assistant scope of practice imminent.
Try chitosan as a clarification treatment for apple juice.
Revisions made to ethics interpretation on nonattest services based on member feedback.

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |