The US Financial Industry Regulatory Authority (FINRA) has gazetted a draft rule restricting the ability of registered professionals to be a client’s beneficiary, executor, trustee or holder of a power of attorney. Under Rule 3241, any ’associated person’ named by a customer to act in such a role will have to provide written notice when learning of the nomination, and must get written approval from the member firm before accepting it. The rule will not apply to family members.
News Source：【Cadwalader, Wickersham & Taft LLP 2020/06/30】
