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Compliance Considerations for Senior Investors and the Critically Ill
Over the last four years, senior investors have had a spotlight in FINRA’s regulatory priorities. Concern for an aging client population has led to additional laws and rules, including the Senior Safe Act and FINRA Rules 2165 (Financial Exploitation of Specified Adults) and 4512 (Customer Account Information). The COVID-19 pandemic has added additional concerns, as this illness has taken a special toll on our oldest citizens. Panelists will address key regulatory requirements and outline best practices in broker dealer policies, practices, and procedures for aging and critically ill clients.
After attending this session, attendees should be able to:
- Pinpoint the ways BDs are addressing the challenges related to older clients and those suffering with diminished capacity and life-threatening illness
- Review FINRA rules and regulatory requirements related to suspected exploitation activities
- Assess your firm’s WSPs related to senior investors and financial exploitation
This virtual course is being taught as part of the Fall 2020 Compliance Conference. To learn more, visit our main conference webpage.
Partner, Goodwin Procter LLP
Nick Losurdo advises financial institutions on legal, regulatory, policy, transactional, and strategic matters. Mr. Losurdo recently served at the SEC as Counsel to one of the Commissioners. He approaches each engagement with the deep and diverse experience he has developed serving in high level roles in government, in-house, and private practice.
As a partner in Goodwin’s Financial Industry group and its Fintech, Digital Currency & Blockchain Technology, and Privacy & Cybersecurity practices, Mr. Losurdo takes an end-to-end approach to counseling his clients.
Before returning to Goodwin, Mr. Losurdo served at the SEC, where he was immersed in agency matters as Counsel to one of the Commissioners. While at the SEC, Nick advised the Commissioner on a broad array of legal, policy and regulatory matters, including proposed and final rulemaking, interpretations and exemptive relief, and enforcement matters.
Among other significant matters, Mr. Losurdo advised on rulemaking relating to Regulation Best Interest, Form CRS, and the investment adviser standard of conduct interpretation; changes to Regulation NMS in the area of market data and order handling disclosures and other market structure policy considerations; Title VII under the Dodd-Frank Act; and blockchain and digital assets.
Mr. Losurdo utilizes his diverse capital markets and financial services experience to provide thoughtful and practical guidance on SEC rules and regulations, FINRA’s rules and membership, and the membership and compliance requirements of state regulators, equity and option exchanges, clearing organizations and other SROs.
CCO, Dynamic Wealth Advisors
Throughout her 25-year career in the securities industry, Cherie has been involved with and/or managed nearly every aspect of this business from operations, supervision, new business, financial planning, insurance and compliance. Her focus has been on the compliance and risk areas within a broker/dealer, an RIA, Trust and Wealth Management firms both inside and outside of banking for the past 15 years.
She has a thorough understanding of the various departments within a securities and banking firm and the unique issues that they encounter on a regular basis. This knowledge allows her to analyze the situation and recommend a solution that is not just compliant with regulatory requirements but also meets the needs of the line of business. She has created and implemented Compliance Programs, Risk Assessments and Testing and Monitoring Programs for an entire Corporation which included Broker/Dealers, RIA’s, a Trust Department, and Insurance.
Cherie currently serves as the Chief Compliance Officer for Dynamic Wealth Advisors. She works with the management team, associates and affiliated advisors to ensure that our Policies and Procedures are effective and that the firm has a strong Compliance Program and culture. She also oversees the Compliance services provided by Dynamic Wealth Advisors to other registered investment advisors.
For Whom: Designed to increase the professional competence of Broker-Dealers.
Suggested Skill Level: Intermediate
Maximum Recommended Credit Hours for this session will include CLE, IACCP® and CPE .
CA MCLE = 60 minutes
IACCP® = 60 minutes
CPE = 60 minutes
For more information, check out the NRS Continuing Education Guide.