Brokers Can Now Order Caviar With Zoom Calls to Cheer Up Clients
(Bloomberg) — Schmoozing clients stuck in lockdown can be a thankless task, what with virtual meetings plagued by glitchy audio, childcare intrusions and the monotony of the ubiquitous bookcase in the background.
A U.S. watchdog has some good news.
Finra’s strict limits on gifts have always included an exemption for entertainment, which typically means restaurant excursions. So what happens in a video-only world?
“A key distinction between gifts and business entertainment is that the latter involves an associated person of a member personally hosting employees of institutional customers,” Finra said in a notice on its website this week. For virtual business-entertainment events or meetings, the authority said it would view food and beverage costs as exempt from its $100 gift limits.
Finra’s only request: The host shouldn’t set up a video call, order the meal and disappear. Fancy care packages to cheer up clients are still prohibited.