Every businessman butters up clients. But when does buttering up cross the border into bribery? That’s something securities regulators in the US are trying to determine in a probe of entertainment and gifts offered by brokerage firms to mutual fund managers. The National Association of Securities Dealers and SEC are said to be questioning whether brokers treated fund managers with overly lavish gifts and other diversions in return for business. Do they need to ask?
Sure, existing regulations prohibit brokers from lavishing customers with gifts valued at more than $100.
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