News | 02.06.19
FINRA Exams to Probe Compliance with Elder Abuse Rules
FINRA examinations will soon start probing broker-dealers' compliance with rules issued last year to protect elderly clients from financial abuse and exploitation, according to James Wrona, vice president and associate general counsel at the regulator. FINRA Rule 2165, which went into effect in February 2018, allows broker-dealers to place a hold on elderly clients' account disbursements if they have a reasonable belief the client is being financially abused. The rule allows for a 15-day hold on the funds and the possibility of a 10-day extension.
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