It's wrong if your financial services company doesn't disclose it, but is it legal if you don't disclose it yourself?
But I get your point that someone who's been in the financial services industry should know that.
Generally, I have to report anything that is considered “reportable”under the relevant law. Basically, individual stocks and bonds. And yes, I am required by federal law to report it to my employer. If I had a $3 million reportable account and didn’t report it, I would be violating federal law.
But the definition of reportable is different in Mitt’s case. From what I understand, he had to report everything. He didn’t.