Private Securities Transactions (Selling Away)

What this video covers

• The exact definition of a private securities transaction in the regulatory phrase "outside the regular course or scope of employment"
• Why outside business activities (OBAs) and private securities transactions are fundamentally different, with securities involvement as the bright-line test
• How compensation reclassifies a transaction and triggers the three obligations: prior written notice, firm approval, and firm supervision
• What counts as indirect compensation, including expense reimbursements, thank you gifts, and non-cash benefits of value
• Why a firm has no approval authority over uncompensated transactions and can only impose conditions after receiving notice
• The "knew or should have known" standard that makes firms liable for selling away even without explicit approval
• The immediate family exclusion and why both conditions (relationship plus zero compensation) must be satisfied