some financial institutions dont allow you to open external trading accounts because they dont want you to trade or hold any securities without their consent or knowledge and sometimes it is due to the nature of your job. and if the prohibitions are mentioned in the employment contract, then whatever ways you do to circumvent the prohibition is considered a breach of your employment contract. ie if you trade using your wife's account
Yes, if you say you are prohibited.
But it was never illegal. Everyone have to distinguish the part on what is prohibition and what is illegal.
I work in a public listed company and due to the nature of my position, to prevent conflict of interest and insider trading, I am "technically" best not to purchase shares of any kind regardless of parent or even subsidiary in the market.
However, this rule is not extended to family members nor friends. The fact is even if people start to question your family members who purchased shares of the company, they need to verify that there was an abuse of position in company secrets to benefit from the stock market.
If that particular stock has been bought and kept for the past 3 years, suddenly the company is being taken over by another and the share price went up 150%, no one can say that you are abusing your position to get first hand info.
Back to the question on prohibitions in your contract. You can sign in your contract that you will not trade in any securities. But you have to understand the law that you cannot sign on behalf of your family that they will not trade in securities.
So how the SCB system works is
eg. you open a joint account with your father
So savings account has both your name and your father's name. 2 names.
Your father can open an online trading account with SCB under his name only. Your father also has to open a securities settlement account with SCB under his name only.
Your father has the right to transfer money out from the joint savings account to fund his securities account. So tell me, your father goes online to trade shares and how can that be seen as you trading shares instead? Unless your father goes and tell everyone he is a puppet.
If your father is being questioned as to why he is trading shares, your father has every right to question back, why can't he trade shares when he did not sign any undertaking that he is not allowed to do so. Which goes back to the question that everyone got to know their legal rights and not to buckle under pressure.