BROWSE BY TOPIC
Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.