InfoBytes Blog

Securities regulators’ training aims to stop financial exploitation of seniors

On June 15, the SEC, North American Securities Administrators Association (NASAA), and FINRA announced the release of a training program, “Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors,” to assist securities firms in implementing the training requirements established in the Senior Safe Act. As previously covered by InfoBytes, the Senior Safe Act was included as Section 303 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was signed into law in May 2018. The Act addresses barriers financial professionals face in reporting suspected senior financial exploitation or abuse to authorities. The training program may be utilized by firms to instruct associated persons on how to detect, prevent, and report financial exploitation of senior and vulnerable adult investors. The program also acts as a resource for firms enforcing the requirements of the Senior Safe Act and certain state training requirements relating to senior investment protection.

Agency Rule-Making & Guidance SEC FINRA NASAA Elder Financial Exploitation