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.
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