In its biennial report on examinations of state-registered investment advisers, the North American Securities Administrators Association highlighted that most investment advisers lack policies and procedures regarding the financial exploitation of seniors or other vulnerable investors.
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The U.S. House Committee on Financial Services Task Force on Financial Technology considered testimony on developments in data sharing and FinTech which raise consumer protection and regulatory questions.
FINRA will review (i) firms' customer acquisition practices that utilize social media channels, and (ii) firm compliance with related obligations to protect customer information.
The SEC sanctioned eight firms in three separate actions for cybersecurity deficiencies that resulted in the exposure of the personally identifying information of thousands of customers and clients.
FINRA's Office of Financial Innovation requested comment on the regulatory implications of cloud computing, a technology increasingly adopted by broker-dealers for the purposes of scaling operations, business continuity and launching products.