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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By Jim Hamilton

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Kentucky Proposes Prohibition on Use of Senior Certifications, Prohibited Practices for BDs and IAs and Requirement for BDs and IAs to Approve a Change in Control

A rule prohibiting broker-dealers, agents, investment advisers and investment adviser representatives from using professional designations and certifications that imply specialized knowledge of senior citizens' financial needs was proposed by the Kentucky Department of Financial Institutions, along with separate rules listing the dishonest, unethical practices for these securities industry persons. A rule requiring broker-dealers and investment advisers to apply for and receive approval for changing their control was also proposed.

A public hearing on the rule proposals will take place on November 21, 2008 at 10:00 a.m. at the Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfurt, Kentucky. Individuals interested in being heard at the hearing must notify the Department in writing by November 14, 2008 (five working days before the hearing).

Written comments about the rule proposals may be sent to Colleen Keefe, Counsel, at the above address or telephoned to Ms. Keefe at (502) 573-3390 ext. 234, or faxed to (502) 573-2183.

The Department of Financial Institutions website is http://www.kfi.ky.gov/.

Full post as published by Jim Hamilton's World of Securities Regulation on October 16, 2008 (boomark / email).