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Course Details

Regulators Impose Higher Duty On Financial Providers: Suitability, Know Your Customer And Customer Due Diligence Rules

Webinar: ID# 1022840
Recorded CD
Qty:
About This Course:
FINRA's know your customer rule (2090) and suitability rule (2111) 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 webinar 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.

Agenda

Know Your Customer
  • Who Is the Customer
  • Who Has Authority to Act
  • Any Special Information
Suitability
  • Obtain Customer Financial Information
  • Three Suitability Tests
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
About The Presenter

Morris N. 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 public and private companies, 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, Executive Committee of the Business Law Section
  • Regularly speaks and writes on the subject of the regulation of participants in the capital markets
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Regulators Impose Higher Duty On Financial Providers: Suitability, Know Your Customer And Customer Due Diligence Rules
Available on CD format
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