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Managing Your Firm's Gift and Entertainment Policies
September 17, 2008 at 11am EST - For the past few years, gift and entertainment expenses on Wall Street have been under close regulatory scrutiny. Discussion is ongoing regarding FINRA's proposed new rule that requires firms to adopt written policies and procedures for the supervision, approval and documentation of business entertainment expenses, including definitions of what forms of business entertainment are appropriate and inappropriate.
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Firms will also need to maintain detailed records of the nature and expense of business entertainment and make this information available to the entertainment recipient's employer. In addition, they will need to monitor compliance with their in-house policies and procedures, using an independent reviewer where possible.
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