In a move to align the regulatory requirements with current technology, the Financial Industry Regulatory Authority (FINRA) recently filed a proposed rule change with the SEC regarding the utilization of electronic signatures. The proposed rule will permit the use of electronic signatures consistent with the Electronic Signatures in Global and National Commerce Act (E-SIGN Act) … Continue reading Use of Electronic Signatures Proposed in FINRA Rule Amendment
To help firms prepare for recently approved new FINRA Rule 2165 (Financial Exploitation of Specified Adults) and amendments to FINRA Rule 4512 (Customer Account Information) relating to financial exploitation of seniors, FINRA has posted new versions of the voluntary New Account Application template (in both Word and PDF formats). The new rule and amendments go … Continue reading FINRA Updated New Account Application Template
FINRA seeks comment on proposed rules addressing the financial exploitation of seniors and other vulnerable adults. FINRA is proposing: (1) amendments to FINRA Rule 4512 (Customer Account Information) to require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account; and (2) the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit qualified persons of firms 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.