CUSTODIAL ACCOUNTS

Supervision

FINRA Reminds Member Firms of Their Responsibilities Supervising UTMA and UGMA Accounts

This Notice addresses the characteristics of Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts (collectively referred to herein as “UTMA/UGMA Accounts”) and the responsibilities of member firms to supervise UTMA/UGMA Accounts.

FINRA Regulatory Notice 20-07 (February 27, 2020): FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts