PARKING

PARKING

parking.

1. The sale of securities subject to an agreement that the seller will buy them back at a later time for a similar price. ? Parking is illegal if done to circumvent securities regulations or tax laws. It is often a method of evading the net-capital requirements of the National Association of Securities Dealers (NASD), which requires a brokerage firm to discount the value of any stock it holds in its own account when it files its monthly report about its net-capital condition. To reach technical compliance with the NASD’s net-capital requirements, a brokerage firm ¡°sells¡± stock from its own account to a customer at market price, thereby avoiding the discount for reporting purposes. Having filed its report, it can then ¡°buy¡± the shares back from the customer, usu. at the same price at which it ¡°sold¡± the stock, plus interest. [Cases: Securities Regulation 40.14. C.J.S. Securities Regulation ¡ì 160.]

2. The placement of assets in a safe, short-term investment while other investment opportunities are being considered. ¡ª Also termed (in sense 1) stock-parking.


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