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Selling Away

Selling away happens when a broker-dealer recommends securities not held or offered by his firm, an act of solicitation that is generally frowned on by securities regulators. The only circumstances under which selling away would be allowed is if the agent obtains written permission from his firm to sell securities through another firm, provides all relevant disclosure statements, and allows his firm to supervise his sales activities.

The firm must also keep on file all records of the agent’s t...

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