Document ID: SEC-2008-0261-0001
Agency: sec
Document Type: Notice
Title: Solicitation of Public Views Regarding Practices Being Developed to Deal with the Increasing Number of Senior Investors
Posted Date: 2008-02-15T05:00Z

[Federal Register: February 15, 2008 (Volume 73, Number 32)]
[Notices]               
[Page 8922-8923]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15fe08-120]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57308; File No. S7-03-08]

 
Notice of Solicitation of Public Views Regarding Practices Being 
Developed To Deal With the Increasing Number of Senior Investors

    On February 8, 2008, the Commission issued Press Release No. 2008-
16 announcing that the Commission staff, in coordination with FINRA and 
NASAA, would be seeking information from all interested parties 
(including investors, broker-dealers and investment advisers) 
concerning the particular practices that have been developed and are 
being developed to responsibly deal with the increasing number of 
senior investors. The goal of the project is to identify industry 
practices in dealing with senior investors that appear to be effective 
in ensuring that the firms deal fairly with senior investors, and to 
provide information about these practices publicly. It is anticipated 
that the staff will prepare a report summarizing the project and 
practices identified.
    The Commission asks all parties to share effective practices in the 
following areas:
     Marketing and advertising to seniors (including 
information such as procedures to review this material);
     Account opening (including information such as any 
additional disclosures provided to seniors, any review conducted on 
account opening documents; and information obtained about the 
customer);
     Product and account review (including information such as 
whether the firm has any specific guidelines for selling particular 
products to senior investors, additional or enhanced reviews of 
purchases);
     Ongoing review of the relationship and appropriateness of 
products (including information such as who conducts review, frequency 
of review, any guidelines for appropriateness of products and 
procedures);
     Discerning and meeting the changing needs of customers as 
they age (including information such as procedures for handling 
customer accounts if the customer becomes unable to make their own 
investment decisions, required documentation, and any review of 
customer accounts as the customer ages to ensure customers investment 
objectives are being met);
     Surveillance and compliance reviews (including information 
such as exception reports; description of the types of reviews 
conducted, and procedures or guidance given to the reviewer); and
     Training for firm employees (including information such as 
who is required to attend the training, when was training implemented, 
and any written procedures).
    If you wish to send us your views, please submit them by hard copy 
or e-mail, but not by both methods on or before April 1, 2008. We 
strongly encourage electronic submissions. You may submit your written 
views electronically at the following electronic mail address: 
rule-comments@sec.gov. We do not edit personal identifying information, such 

as names or electronic

[[Page 8923]]

mail addresses, from electronic submissions so you should submit only 
information that you wish to make available publicly.
    Views communicated in hard copy should be submitted in triplicate 
to Nancy Morris, Secretary, Securities and Exchange Commission, 100 F 
Street, NE., Washington, DC 20549-1090. All submissions should refer to 
File No. S7-03-08. This file number should be included in the subject 
line if electronic mail is used. Hard copy submissions will be 
available for public inspection and copying in the Commission's Public 
Reference Room, 100 F Street, NE., Washington, DC 20549 on official 
business days between the hours of 10 a.m. and 3 p.m. Electronic 
submissions will be posted on the Commission's Internet Web site 
(http://www.sec.gov/rules/other.shtml).

    For additional information, please contact Suzanne McGovern, 
Assistant Director, or Laura Magyar, Branch Chief at (202) 551-6452, in 
the Office of Compliance Inspections and Examinations, U.S. Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: February 11, 2008.

    By the Commission.
Nancy M. Morris,
Secretary.
 [FR Doc. E8-2860 Filed 2-14-08; 8:45 am]

BILLING CODE 8011-01-P