FINRA Continues To Step Up Focus On Senior Investors

Law360, New York (June 27, 2017, 11:31 AM EDT) -- In April 2017, the Financial Industry Regulatory Authority's National Adjudicatory Council (NAC) introduced new sanction guidelines that allow the NAC and FINRA staff to consider the vulnerability of customers in determining appropriate sanction levels.[1] The guidelines provide for a new "principal consideration that analyzes whether a respondent has exercised undue influence over a customer,"[2] a factor for adjudicators and FINRA staff[3] to consider in determining appropriate sanctions.[4]

New Guidelines Codify Past Practices and Apply Immediately

Prior to the new "principal consideration," FINRA historically acknowledged the vulnerability of customers in certain decisions.[5] But including customer vulnerability and a respondent's undue influence over a...

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