SEC, NASAA and Finra issue Senior Safe Act fact sheet

SEC, NASAA and Finra issue Senior Safe Act fact sheet
Information is intended to help promote greater reporting of suspected financial exploitation.
MAY 24, 2019

The Securities and Exchange Commission, the North American Securities Administrators Association and the Financial Industry Regulatory Authority Inc. have issued a fact sheet to help raise awareness of the Senior Safe Act. The act, signed into law a year ago, addresses barriers that financial professionals face in reporting suspected senior financial exploitation or abuse to authorities. The fact sheet was issued on the first anniversary of the law's enactment to provide information on its immunity and training provisions, as well as additional resources from the SEC, NASAA and Finra. (More:New tools to protect elderly from fraud, exploitation) Specifically, the act protects "covered financial institutions" – which include investment advisers, broker-dealers, and transfer agents – and their eligible employees from liability in any civil or administrative proceeding for reporting a case of potential exploitation of a senior citizen to a covered agency. In a release, the agencies said this immunity can be helpful when a firm wants to report potential exploitation but fears that the report could violate a privacy requirement. (More: House approves legislation to help advisers combat senior exploitation) The immunity provided in the act requires that employees receive training on how to identify and report exploitative activity against seniors before making a report. In addition, reports of suspected exploitation must be made "in good faith" and "with reasonable care." The immunity applies to individuals and firms.

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.