SEC Publishes for Comment FINRA Proposal to Combat Financial Exploitation of Seniors and Other Specified Adults

November 15, 2016

A proposed amendment to the Financial Industry Regulatory Authority, Inc. (FINRA) Customer Account Statement Rule (Rule 4512) and a proposed new Rule 2165 regarding Financial Exploitation of Specified Adults would: require institutions to make reasonable efforts to implement a “trusted contact” system into their customer accounts; and allow institutions to place temporary holds on accounts in order to protect seniors and other vulnerable adults.

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