Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, September 12, 2007

FINRA Issues Notice to Members on Obligations to Senior Investors

FINRA issued a Notice to Members in connection with the Seniors Summit on Sept. 10: FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers.  Here is the Executive Summary:

One of FINRA's priorities is the protection of senior investors, as well as Baby Boomers who are at or approaching retirement.1 FINRA's efforts in this area include investor education, member education and outreach, examinations and enforcement. The purpose of this Notice is to urge firms to review and, where warranted, enhance their policies and procedures for complying with FINRA sales practice rules, as well as other applicable laws, regulations and ethical principles, in light of the special issues that are common to many senior investors. The Notice also highlights, for the consideration of FINRA's member firms, a number of practices that some firms have adopted to better serve these customers.

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