Q: Can a registered stock broker start a non-monetized YouTube channel on commodities trading anonymously?
I am a registered stock broker with the SEC, working for a firm that regulates outside business activities (OBAs). I want to create a recreational, non-monetized YouTube channel focused on commodities trading for entertainment purposes. My firm doesn't offer the securities I'll discuss, and I won't share proprietary information. I haven't consulted with my firm's compliance department. I plan to wear a mask for anonymity. Are there any other ways or documents, beyond future potential tax statements, that might reveal my involvement with this channel? Are there any legal or compliance concerns I should consider?
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A:
Yes, you can start a non-monetized YouTube channel anonymously, but there are a few important things to think about. Even if the channel is for entertainment and doesn't bring in income, it might still be considered an Outside Business Activity (OBA) by your firm. Since you’re a registered stock broker, your firm likely requires disclosure and prior approval for any OBA, even if it’s unpaid or informal.
Your anonymity may protect your identity from the public, but it won’t necessarily shield you from internal or regulatory discovery. Voice patterns, language style, background visuals, or metadata in uploaded files could indirectly reveal your identity. If someone at your firm or a regulator suspects your involvement, they could investigate further, especially if the content relates to financial markets.
You also need to consider FINRA rules and SEC expectations. Even non-monetized content could be seen as providing investment-related communication. This could raise questions about registration, supervision, or misleading content—especially if viewers act on your opinions. It's safest to consult your compliance department before moving forward.
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