News & Analysis as of

Beneficiaries Financial Industry Regulatory Authority (FINRA)

Charles E. Rounds, Jr. - Suffolk University...

Trustee in breach of trust conveys trust property to a third party: Is the transferee a necessary party to an action for breach...

If the trustee in breach of trust conveys the trust property to a third party to the trust relationship, would the transferee be a necessary party to any action for breach of trust that the trust beneficiaries might bring?...more

Carlton Fields

Broker Obtains Preliminary Injunction Enjoining FINRA Arbitration Initiated by Non-Signatories to Arbitration Agreement

Carlton Fields on

Interactive Brokers LLC filed an action in the Southern District of New York seeking preliminary and permanent injunctions against an arbitration proceeding initiated by a group of non-signatories to an agreement between...more

Goodwin

FINRA Focused on Registered Reps Named as Beneficiaries and Trustees for Customer Accounts

Goodwin on

​​​​​​​FINRA recently highlighted Rule 3241 in the 2023 Regulatory Element Learning Plan. Rule 3241 became effective in early February 2021 and prohibits a registered person from being named as a beneficiary, executor, or...more

Bressler, Amery & Ross, P.C.

New FINRA Rule 3241 Regulating Representatives Being Named as Beneficiaries of, or Holding Positions of Trust for, Customers Takes...

On February 15, 2021, FINRA’s new Rule 3241 – “Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer” – becomes effective. The Rule sets forth the newly codified obligations...more

Jackson Lewis P.C.

New FINRA Rule Limits Registered Persons From Being Named Customer’s Beneficiary

Jackson Lewis P.C. on

The Financial Industry Regulatory Authority (FINRA) has announced that it has adopted a rule to limit a registered person from being named a customer’s beneficiary, executor, or trustee or from holding a power of attorney or...more

Burr & Forman

FINRA and UTMA/UTGA Accounts: Know Your Customer, and Continue to Monitor

Burr & Forman on

Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory...more

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