The SEC instituted proceedings regarding a FINRA-proposed amendment to Rule 2165 ("Financial Exploitation of Specified Adults") to further consider issues raised by commenters and determine whether to approve or disapprove the amendment.
The proposal was originally published in the Federal Register on June 28, 2021 (see related coverage). FINRA agreed to extend the SEC's timeframe for acting on the proposal until September 24, 2021. On August 23, 2021, FINRA responded to the comment letters received in response to the proposal.
The SEC is now requesting additional comments on the proposal be submitted by October 13, 2021. Any rebuttal comments to another commenter's submission must be submitted by October 19, 2021.
The SEC noted that instituting proceedings should not be viewed as an indication of any SEC conclusion with respect to the proposed rule change.
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