Posts tagged FINRA Rule 2090.
Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory Authority's (FINRA) recent Regulatory Notice 11-02. This notice requires firms to take steps to establish the identity and age of the custodians and beneficiaries of custodial accounts. Such custodial accounts are tied to UTMA and UGMA transactions allowing individuals to transfer property to a minor without the need for a formal trust.
While some ...
Posted in: FINRA