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Senior Investors: What You Need to Know/Have

Know how your customer rule (2090), suitability rule (2111), FINRA and NASAA Rules on senior investor and the Financial Crimes Enforcement Network customer due diligence rule (31 CFR 1010.

230) apply to your business.How does the customer rule (2090), suitability rule (2111) , Senior Investor rules and the Financial Crimes Enforcement Network customer due diligence rule (31 CFR 1010.230) apply to your firm or business? FINRA’s know your customer rule (2090) and suitability rule (2111), FINRA and NASAA senior investor rules, and the Financial Crimes Enforcement Network customer due diligence rule (31 CFR 1010.230) materially expand the information financial services providers must obtain about their customers. They impose greater duties on these professionals to use that information to serve their customers, monitor the risks that the customers take on and the risks these customers pose to their firms. This topic will summarize these rules, how they apply to financial services providers and some of the practices that can be used to meet these expanded obligations.

Runtime: 77 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Know Your Customer

  • Who Is the Customer?
  • Who Has Authority to Act?
  • Any Special Information

Suitability

  • Obtain Customer Financial Information

??" The Customer Investment Profile

  • Three Suitability Tests

??" Is It Suitable for Anyone?

??" Is It Suitable for This Customer?

??" Is It Within the Customer's Financial Capacity as a Whole?

Customer Due Diligence- for Non-Individual Customer

  • Each Beneficial Owner of 25% or More
  • Chief Executive Officer
  • The Nature and Purpose of the Customer Relationship
  • Ongoing Monitoring

FinCEN Customer Identification Procedures

FINRA and NASAA Senior Investor Rules

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 16, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Morris N. Simkin

Morris N. Simkin

Law Office of Morris Simkin

  • Experienced and knowledgeable corporate and securities lawyer
  • After serving as Special Counsel with the SEC’s Divisions of Enforcement and Trading and Markets in Washington, D.C. he moved to New York
  • Has been associated with, counsel to or a partner of several major and well known law firms, before establishing his own firm
  • Clients include broker-dealers whom he counsels as to permitted activities and handles SEC and FINRA inspections, investigations and enforcement actions, investment advisers, hedge funds and mutual funds
  • Member of the American Bar Association, Federal Regulation of Securities, Sub-Committee on Market Regulation; member of the New York State Bar Association, Committee on Securities Regulation, Committee on Banking Law
  • Regularly speaks and writes on the subject of the regulation of participants in the capital markets
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 401422
Published 2018
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