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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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NEWSLETTERS & ALERTS
Rules & Regulations
Texas Passes New Law to Prevent Senior Financial Abuse
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.