FINRA Commences Retrospective Review of Rules Affecting Senior Investors
FINRA commenced a retrospective review of rules that protect senior investors from financial exploitation.
FINRA is requesting comment on:
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FINRA Rule 2165, which allows firms to place a temporary hold on disbursement of funds or securities of a "specified adult's" account if the firms have reason to believe that financial exploitation has occurred;
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FINRA Rule 3240, which provides a regulatory framework for firms, giving them greater control to oversee lending arrangements between FINRA-registered persons and customers; and
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FINRA Rule 4512, which requires firms to ask customers for the contact information of a trusted person when opening a non-institutional account or when updating account information.
Comments must be submitted by October 8, 2019.