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BRIEF-FINRA says gets SEC approval on rule proposal addressing financial exploitation of seniors
March 30, 2017 / 4:17 PM / 8 months ago

BRIEF-FINRA says gets SEC approval on rule proposal addressing financial exploitation of seniors

March 30 (Reuters) - FINRA:

* Receives SEC approval on rule proposal addressing financial exploitation of seniors

* Firms will be required to make reasonable efforts to obtain name and contact information for a trusted contact person for a customer’s account

* Firms will be permitted to place temporary hold on disbursement of funds or securities when there is reasonable belief of financial exploitation

* Prior to implementation date, FINRA will amend its new account application template to capture trusted contact person information

* Issued regulatory notice 17-11 announcing a February 5, 2018 effective date for the rule proposal Source text for Eikon: (Bengaluru Newsroom: +91 806 749 1136)

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