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FINRA Advances Rules on Senior Exploitation, E-Signatures

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The Financial Industry Regulatory Authority’s board has approved two rule proposals on financial exploitation of seniors and e-signatures.

At its September meeting, the board approved publishing a Regulatory Notice soliciting comment on proposed amendments to FINRA Rule 2165 (Financial Exploitation of Specified Adults).

The plan would permit extending the hold period in a case of suspected fraud if the member firm had reported the matter to a state regulator or agency or a court of competent jurisdiction; and placing temporary holds on transactions in securities when there is suspected financial exploitation.

FINRA sought feedback last August on whether its rules protecting senior investors needed an overhaul.

As to e-signatures, the board approved filing with the Securities and Exchange Commission proposed amendments to FINRA Rule 1010 (Form U4 Filing Requirements) to permit firms to obtain an electronic signature on the Uniform Application for Securities Industry Registration or Transfer (Form U4) and a conforming amendment to FINRA Rule 2263 (Arbitration Disclosure to Associated Persons Signing or Acknowledging Form U4).


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