FINRA Issues Guidance on SEC Approved Rules to Prevent Exploitation of Senior Citizens

Stockbroker Law - Wednesday, May 24, 2017
FINRA Issues Guidance on SEC Approved Rules to Prevent Exploitation of Senior Citizens

The Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 17-11 offering guidance on new SEC guidelines and approvals, including the adoption of FINRA Rule 2165 (Financial Exploitation of Specified Adults). This new rule permits members to place temporary holds on transfers of monies or account holdings from the accounts of specified customers where a broker would have a reasonable belief that the client might be a victim of financial exploitation.

The Regulatory Notice also references the amendment of FINRA Rule 4512 requiring firms to make reasonable efforts to obtain the contact information and name of a trusted contact person for a customer’s account.

FINRA Rules 2165 and 4512 become effective February 5, 2018.

We offer a free initial consultation to senior citizens and any investor who may have been victimized in the financial markets.  For a free initial consultation contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.


Recent

Blog Posts

Blog Post

Archive

Investment & Broker
Misconduct

Investment Misconduct

Whistleblowers
 

Whistleblowers

Private Company
Disputes

Private Company Disputes

Personal
Injury

Personal Injury