NASAA Reports on 2021 Enforcement Actions
In its 2021 enforcement report based on 2020 data, the North American Securities Administrators Association ("NASAA") highlighted an uptick in state enforcement actions related to commodities/precious metals, cybercrime, private offerings and self-directed individual retirement accounts.
NASAA reported:
- 5,498 complaints received, with 5,501 investigations initiated;
- 2,202 enforcement actions taken;
- $306 million in restitution; and
- 919 years of criminal relief ordered, along with 4,413 license sanctions.
NASAA also reported that 32 states have implemented legislation modeled after the NASAA Model Act to Protect Vulnerable Adults from Financial Exploitation. Of those states, 24 brought enforcement actions related to the NASAA model act.
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After a retrospective review, the North American Securities Administrators Association offered recommendations for jurisdictions implementing the Association's Model Act to Protect Vulnerable Adults from Financial Exploitation.
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The North American Securities Administrators Association adopted a model act titled "An Act to Protect Vulnerable Adults from Financial Exploitation." The model act (i) applies to adults age 65 and older, and to individuals who qualify for protection under a state adult protective services statute, and (ii) defines "qualified individuals" as broker-dealer agents; investment adviser representatives; those who serve in a supervisory, compliance or legal capacity for broker-dealers and investment advisers; and any independent contractors who may be fulfilling any of those roles.
