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.
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|Publication:||Journal of Accountancy|
|Date:||Nov 1, 2002|
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