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SEC Approves Rules Relating to Financial Exploitation of Seniors

Monday, 01 May 2017

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The SEC approved: (1) the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit members 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; and (2) amendments to FINRA Rule 4512 (Customer Account Information) to require members to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account. New Rule 2165 and the amendments to Rule 4512 become effective February 5, 2018.

Full text of Rule: http://www.finra.org/sites/default/files/Regulatory-Notice-17-11.pdf

About the author

David L. McGuffey

David L. McGuffey is in private practice with the Elder Law Practice of David L. McGuffey, LLC, located in Dalton, Georgia. David limits his practice to Elder Law and Special Needs Law. This means he helps individuals who are elders or who have special needs, as well as their caregivers. Much of David's practice is devoted to helping individuals with chronic health conditions find, get and pay for good long-term care. David is certified as an Elder Law Attorney by the National Elder Law Foundation. David is AV rated by Martindale-Hubbell. In 2012, David was invited to join NAELA's Council of Advanced Practitioners. David has been selected as a "Georgia SuperLawyer" in the field of Elder Law since 2013.