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On December 13, 2023 Michigan became the latest state to enact legislation to protect elder and vulnerable adults from financial exploitation. Effective March 13, 2024, the new law requires broker-dealers and...more
On May 3, 2023, Georgia became the latest state to enact legislation to protect elder and vulnerable adults from financial exploitation. The new law which goes into effect on July 1, 2023, requires broker-dealers and...more
Author David F. Johnson recently presented his paper on “Undue Influence, Detecting Elder Abuse, and the Duty to Report Financial Exploitation” to the Austin Probate Bar Association in Austin, Texas, on May 20, 2022. This...more
In recent years there has been a spate of legislation and rules passed to protect senior investors. Similarly, observers of FINRA’s and the SEC’s annual priorities will, of course, have noticed both bodies’ inclusion of elder...more
FINRA Rules 2165 (Financial Exploitation of Specified Adults) and parts of 4512 (Customer Account Information) became effective on February 5, 2018 and implemented a framework to permit broker-dealers to place a temporary...more
In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. ...more
On May 18, 2021, South Carolina became the latest state to enact legislation to protect elder and vulnerable adults from financial exploitation. The new law allows broker-dealers and state-registered investment advisers to...more
On April 1, 2021, Arkansas modified its law protecting elder and vulnerable adults from financial exploitation. The enacted Arkansas Senate Bill 151 modifies Arkansas’s financial exploitation law, Ark. Code § 23-42-309, by...more
On March 31, 2021, Nebraska became the latest state to pass legislation to protect elder and vulnerable adults from financial exploitation. The new law allows broker-dealers and investment advisers to report suspected...more
On January 22, 2016, the members of the North American Securities Administrators Association (NASAA) released the Senior Model Act. It was developed and approved to serve as a model statute for states to adopt to target...more
Following the passage of last year’s federal Senior Safe Act, several states moved to beef up protections for senior investors by permitting brokers to act without liability. • Rhode Island’s Senior Savings Protection Act...more
On May 23, 2019, in recognition of the one-year anniversary of the passage of the Senior Safe Act, the SEC, the North American Securities Administrators Association and FINRA issued a fact sheet to raise awareness of the act...more
With older adults increasingly targeted by financial scammers, Governor Bill Lee has proclaimed Saturday, June 15, 2019, as Elder Abuse Awareness Day in Tennessee to warn seniors and their families and help them avoid falling...more
The California Elder Abuse and Dependent Adult Civil Protection Act mandates reporting of suspected financial abuse of an elder or dependent adult. Cal. Welf. & Inst. Code § 15630.1. Under the act, a "mandated reporter of...more
The securities industry’s concern over the aging of the U.S. population, specifically, aging investors, has, apparently, reached a fever pitch. On February 5th in New York, SIFMA hosted its “Senior Investor Protection...more
The Financial Industry Regulatory Authority (FINRA) has published frequently asked questions (FAQs) for complying with new FINRA Rule 2165 (Financial Exploitation of Specified Adults) and amendments to FINRA Rule 4512...more
On February 5, 2018, new FINRA Rule 2165 (Financial Exploitation of Specified Adults) becomes effective, as does an amendment to existing FINRA Rule 4512 (Customer Account Information). Together, these rules will implement...more
In January 2018, FINRA issued guidance on the provisions of Rule 2165 and the amendments to Rule 4512, which were approved in February 2017. The new requirements are aimed at preventing the financial exploitation of seniors,...more
The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more
The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more
Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more
SEC approves FINRA rule designed to protect seniors and other specified adults from financial exploitation. The Securities and Exchange Commission (SEC) has approved a new rule proposed by the Financial Industry...more
On January 12, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its 2017 examination priorities.1 OCIE’s 2017 priorities, which largely mirror its 2016 priorities, cover three areas: (1)...more
On January 22, 2016, the North American Securities Administrators Association (“NASAA”) adopted a model act, entitled “An Act to Protect Vulnerable Adults from Financial Exploitation.” This act seeks to facilitate...more
On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer...more