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Rules & Regulations

Texas Passes New Law to Prevent Senior Financial Abuse

May 25, 2017

Less than 2 months after the SEC approved FINRA rules pertaining to ‘financial exploitation of seniors’, the Texas legislators passed an elder financial abuse prevention bill that would require advisors and broker-dealers to report suspicions of elder abuse to the state commissioner and the state’s department of family and protective services. They also would have 10 days to withhold disbursements for which they have concerns. The bill now awaits the Governor’s signature.


  • New FINRA Rule 2165, “Financial Exploitation of Specified Adults,” will permit members to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation of these customers.
  • Amended FINRA Rule 4512, “Customer Account Information,” will require members to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account.
  • New Rule 2165 and the amendments to Rule 4512 become effective 2/5/18.
  • See FINRA RegNote 17-11


While plenty of issues remain outstanding, these are excellent steps by government and financial services to protect vulnerable investors.