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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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.