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CFP Board Forms New Commission to Review Sanction Guidelines and Fitness Standards News provided by Share this article Share this article WASHINGTON, Feb. 1, 2021 /PRNewswire/ Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has formed a new 15-member Commission on Sanctions and Fitness. This new Commission will review and recommend changes to CFP Board s Sanction Guidelines and Fitness Standards ). Code of Ethics and Standards of Conduct. The Fitness Standards apply to those seeking CFP ® certification, while the Sanction Guidelines apply to those who are certified. This new commission is fundamental to CFP Board s ongoing work to strengthen the enforcement processes for our ....
To embed, copy and paste the code into your website or blog: On January 19, 2021 FERC issued an order on the North American Electric Reliability Corporation’s (“NERC”) compliance filings submitted pursuant to the Commission’s January 2020 order on NERC’s five-year performance assessment. FERC’s January 19 order approved NERC’s proposed modifications to its Rules of Procedure regarding: (1) Electricity Information Sharing and Analysis Center (“E-ISAC”); (2) Sanction Guidelines; and (3) Registration and Certification. FERC also accepted NERC’s description of its Reliability Guidelines process, its explanation on E-ISAC operations, and its explanation of its All Points Bulletins (“APBs”) issuances. However, FERC denied NERC’s proposal to replace its Appendix 4A audit process with an alternative program and directed NERC to submit completed reports on its audits for all six Regional Entities by June 30, 2023. Finally, the order directed NERC to submit an ....
To embed, copy and paste the code into your website or blog: Historically, one of the surest ways to get yourself permanently barred from the industry is to forge a customer’s signature on something. According to the pertinent Sanction Guideline, at a minimum, a forgery, that is, a true forgery – a signature that is neither authorized nor subsequently ratified by the customer – should result in suspension of two months to two years, but, where the forgery is “in furtherance of another violation, result[s] in customer harm or [is] accompanied by significant aggravating factors,” “a bar is standard.” And that doesn’t count the fine of $5K – $155K. ....
Continued FINRA Focus If regulatory developments in 2020 are any indication, FINRA’s efforts to protect senior customers from financial exploitation and vulnerability will continue in 2021 and beyond. As part of its retrospective review of its rules and administrative process designed to help protect senior customers, in late fall 2020 FINRA proposed amendments to Rule 2165 and revised its Sanction Guidelines in ways designed to further protect senior customers. FINRA Rule 2165 When a firm reasonably believes that financial exploitation of a “specified adult” has occurred, is occurring, has been attempted, or will be attempted, Rule 2165 permits a firm to place a temporary hold of up to 25 business days on disbursements of funds or securities from the account of a specified adult customer. In addition to seniors, “specified adults” includes other adults who have mental or physical impairments that may render them unable to protect their interests. ....