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Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices As stated in the rule filing proposing the adoption of Rule 2165, FINRA
believes that the appropriate internal review will depend on the facts and circumstances of the situation.66
Member firms have discretion in conducting a reasonable internal review under proposed Rule 2165. In addition, Rule 2165 gives member firms flexibility regarding notifying some parties when the member firm reasonably suspects that the party is involved in the financial exploitation. Specifically, Rule 2165b1Biii provides that a member firm is not required to provide notification of a temporary hold to a party authorized to transact business on the account or the trusted contact person if the member firm reasonably suspects that the authorized party or trusted contact person, respectively, may be engaged in the financial exploitation of the specified adult.
If Rule 2165 is extended to allow for temporary holds on transactions in securities, FSI suggested that FINRA
expand the application of the safe harbor provided by Rule 2165 to cover both FINRA Rule 3260 Discretionary Accounts and FINRA Rule 5310.01
Execution of Marketable Customer Orders.
Rule 3260s scope and purpose are distinguishable from permitting a member firm to place a temporary hold on a transaction when there is a reasonable belief that the customer is being financially exploited. Rules 3260
addresses the creation and maintenance of discretionary accounts and requires firms to have procedures to identify and prevent excessive trading or churning in such accounts. Rule 3260 is intended to protect customers from the misuse of discretionary power by firms and associated persons.
In considering whether Rule 2165s safe harbor needs to be extended to address rules relating to order execution, broker-dealers are reminded that nothing under the federal securities laws or FINRA rules obligates them to accept an order where they believe that the associated compliance or legal risks are unacceptable. 67

the FINRA Foundation aimed at promoting awareness about, and support for, the prevention of financial fraud and exploitation, while simultaneously empowering financial consumers to protect themselves and their loved ones, using tactics including:
Training law enforcement and victim advocates to detect, investigate, and assist consumers with concerns of financial fraud and exploitation in collaboration with federal and state securities regulators, APS groups, NAPSA, the National Center for Victims of Crime, the National White Collar Crime Center, and staff from FINRAs National Cause and Financial Crimes Detection Programs;
Engaging in consumer outreach often in coordination with the SEC, CFPB, state securities regulators, and nonprofits such as AARP and Better Business Bureausto empower financial consumers to spot, avoid, and report financial fraud;
Conducting, supporting, and disseminating research focused on financial exploitation and fraud as well as aging and financial decision-making, which is shared with internal and external stakeholders; 68
Collaborating with Committees and Task Forces focused on issues of financial fraud and exploitation, including working with the Department of Justices Elder Justice Initiative, serving on NAPSAs Financial Exploitation Advisory Board, serving on NASAAs Senior Issues and Diminished Capacity Committee Advisory Council, participating on various multidisciplinary teams MDTs aimed at protecting and assisting vulnerable adults, and holding joint trainings with the CFPBs Office of Older Americans, and meeting periodically with state securities regulators and states attorneys general to discuss senior investor protection issues; 69
Issuing alerts and articles that educate investors about important issues and highlighting risks facing senior investors; 70
Launching the dedicated FINRA
Securities Helpline for Seniors
Outreach and Collaboration CAI requested that FINRA coordinate with state authorities and SEC on measures to address financial exploitation. FINRA has and will continue to prioritize senior investors and address financial exploitation of senior investors, including through:
Carrying out a multi-faceted investor protection campaign through
68 See FINRA Investor Education Foundation Investor Protection Campaign Research, available at www.finrafoundation.org/fraudresearch.
69 See Protecting Senior Investors 20152020: An Update on the FINRA Securities Helpline for Seniors, Other FINRA Initiatives and Member Firm Practices Apr. 2020.
70 See, e.g., articles such as Protecting Seniors from Financial Exploitation and Dont Give in to Power of Attorney Pressure; Investor Alerts such as Power of Attorney and Your Investments10 Tips, Plan for Transition: What You Should Know About the Transfer of Brokerage Account Assets on Death, and Seniors Beware: What You Should Know About Life Settlements; and FINRAs Retirement web page for investors.

66 See 67 See
File No. SRFINRA2016039.
SEC Staff Bulletin.

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available at 844 57HELPSto provide senior investors and their family members with a supportive place to get assistance from specially trained FINRA staff related to concerns they have with their brokerage accounts and investments;
Collaborating with NASAA and the SEC to address senior investor protection, including issuing a Senior Safe Act Fact Sheet designed to raise awareness among member firms, investment advisers and transfer agents about the Act and its immunity provisions; 71
Producing and presenting on inperson and virtual panels addressing senior investor protection with the SEC, state securities regulators, NASAA, APS
offices, NAPSA, FBI and other agencies;
and Meeting with adult protective services staff in multiple states, in part through NAPSA, to increase coordination of senior investor protection efforts and highlight FINRA
Rule 2165s provision that APS can direct a member firm to terminate or extend a temporary hold authorized by the Rule.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period i as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or ii as to which the self-regulatory organization consents, the Commission will:
A By order approve or disapprove such proposed rule change, or B institute proceedings to determine whether the proposed rule change should be disapproved.
IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act.
Comments may be submitted by any of the following methods:
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
FINRA2021016 on the subject line.
71 See http www.finra.org/sites/default/files/
senior_safe_act_factsheet.pdf.

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