"At the request of Members of Congress, the Federal Trade Commission (FTC) has delayed until June 1, 2010, its enforcement of the new Red Flags Rule. The rule requires most broker-dealers to have in place a written program to identity, detect and respond to patterns, practices or specific activities that could indicate identity theft ("red flags"). Enforcement of the Red Flags Rule, which implements a section of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), was previously scheduled to begin on November 1, 2009."
I wonder which "Members of Congress" we have to thank for this? Well, anyway, most small firms aren't pulling credit reports and don't have proprietary online account access systems that would be vulnerable to attack. So if you didn't put an Identity Theft Prevention Program in place by now, I understand why. And you know how I feel about introducing firms that open margin accounts being characterized as 'creditors' for the sake of this rule, right? Baloney. Let's hope with this third? fourth? delay, the enforcers-that-be will come to their senses on that topic.
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