WASHINGTON, D.C. (October 29, 2015) – The North American Securities Administrators Association (NASAA) today commended Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) for their efforts to protect vulnerable adults from financial exploitation through the introduction of the bipartisan “Senior$afe Act of 2015.”

“On behalf of NASAA, I want to commend Senators Collins and McCaskill on their efforts to shine a light on the critical problem of senior financial exploitation. The ‘Senior$afe Act of 2015’ addresses some of the barriers to reporting experienced by financial professionals on the frontlines of this fight. I also want to thank both Senators for their recognition of the valuable role state securities regulators play and for taking an approach that complements NASAA’s efforts,” said Judith M. Shaw, NASAA President and Maine Securities Administrator.

The introduction of the “Senior$afe Act” follows the release for public comment of NASAA’s model state legislation to address issues faced by broker-dealer and investment adviser firms and their employees when confronted with suspected financial exploitation of seniors and other vulnerable adults. The comment period on the proposed NASAA model closes today. NASAA’s proposed model is available here.

While the approaches contemplated by the recently announced NASAA model legislation and the “Senior$afe Act” differ in some respects, Shaw noted they are complementary efforts, both undertaken with the shared goal of protecting seniors by increasing the detection and reporting of elderly financial exploitation.

Protecting seniors and other vulnerable adults from financial exploitation is a priority for NASAA members. “We look forward to working closely with Senators Collins and McCaskill as the legislation is considered by the Senate,” Shaw said.

 

For More Information:
Bob Webster | Director of Communications
202-737-0900





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