I was asked to provide a 407 letter after applying for an account. What is it?
Employees of firms regulated by the NYSE or FINRA have the responsibility to disclose potential conflicts of interest when trading personally, in accordance with NYSE Rule 407 and FINRA Rule 3050. Zecco Trading account applicants affiliated with NYSE or FINRA will be requested to provide a “407 Letter” as a part of their application. The letter, from your employer’s Compliance Department, should explicitly authorize Zecco Trading to open the account, and specify if and where duplicate copies of confirmations and statements should be sent.