New NASAA Training Program to Help Combat Financial Abuse of Seniors
The North American Securities Administrators Association ("NASAA") announced that it now offers a training program for state regulators to teach broker-dealers and investment advisers to better identify the signs of elder financial abuse.
The program is the latest component of NASAA's Senior$afe initiative to protect vulnerable seniors from financial exploitation. NASAA stated that additional "senior-focused resources" for investors, caregivers, industry members and policymakers are available at SaveOurSeniors.org.
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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.
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