A registered representative suspects financial exploitation when a 68-year-old customer requests an unusual wire transfer to an unverified third party. Under FINRA Rule 2165, which action is the member firm authorized to take?
- Place a temporary hold specifically on the requested fund disbursement while allowing requested securities transactions to continue.Cevap
- BFreeze all trading activity in the account, prohibiting the customer from executing any buy or sell orders for securities.
- CPermanently terminate the account and automatically transfer remaining assets to the designated trusted contact person.
- DUnilaterally alter the customer's account registration to require dual authorization from compliance for all future trade orders.
Cevap
Place a temporary hold specifically on the requested fund disbursement while allowing requested securities transactions to continue.
FINRA Rule 2165 provides broker-dealers with a safe harbor to place a temporary hold on the disbursement of funds or securities from the account of a specified adult when financial exploitation is reasonably suspected. Crucially, this rule applies to outward disbursements (such as wires or checks), not to executing trade orders within the account.
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FINRA Rule 2165 Temporary Disbursement Holds