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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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.