Employees’ outside business activities (OBAs) and personal trading can create multiple regulatory and compliance issues for advisers, including conflicts of interest and insider trading risk. A FINRA enforcement proceeding against a registered representative of an SEC-registered investment adviser and broker-dealer asserts that he violated FINRA rules requiring disclosure of OBAs and private securities transactions. The broker-dealer, which discovered and investigated his activities, was not a party to the proceeding and was not charged with any rule violations in connection with the matter. Although the settlement involved a registered representative of a brokerage firm, it is an important reminder that investment advisers must carefully monitor their employees’ outside business and trading activities; have appropriate policies and procedures to govern those activities; and follow up on any issues they identify. This article recounts the underlying allegations in the proceeding, the broker-dealer’s actions in response to the representative’s activities and the terms of the settlement. See “A Look at FINRA’s 2023 Report on Examinations and Risk Monitoring” (Mar. 16, 2023); and “Navigating the SEC’s Interpretation Regarding an Investment Adviser’s Standard of Conduct: Three Tools to Systematically Monitor Conflicts of Interest (Part Three of Three)” (Nov. 7, 2019).