Many financial professionals in the Los Angeles area, basically all of those who trade in regulated stocks, bonds and other securities, may find themselves under investigation by the United States Securities and Exchange Commission, or SEC.
Many people in the Los Angeles area have some extra money to invest. For example, Californians often are looking to invest money so that they can further shore up their retirement savings or work on building a legacy for their loved ones.
California residents may not be aware that the Financial Industry Regulatory Authority Inc. Rule 2156 went into effect in February 2018. As per this rule, broker-dealers can put a hold on an elderly client's disbursements if they believe that their client is being financially abused. According to representatives of Finra, they will begin conducting examinations to look into firms' compliance with the new rules.