NASAA SENIOR RESOURCES
NASAA and its members have been in the forefront in detecting the problem of senior investor abuse and responding to it aggressively with innovative regulatory solutions, targeted enforcement, investor education and publication of best practices for serving senior investors.
With at least a third of its members’ enforcement actions involving senior investors, NASAA in 2014 formed a Board-level committee to tackle a wide range of challenges confronting senior investors, regulators and securities industry professionals.
Model Acts & Rules
In January 2016, NASAA members voted to adopt the Model Act to Protect Vulnerable Adults from Financial Exploitation. The NASAA model act gives industry participants and state regulators new tools to help detect and prevent financial exploitation of vulnerable adults. The act mandates reporting to a state securities regulator and state adult protective services agency when a qualified individual has a reasonable belief that financial exploitation of an eligible adult has been attempted or has occurred. The act also authorizes disclosure to third parties only in instances where an eligible adult has previously designated the third party to whom disclosure may be made.
In March 2008, NASAA members voted to adopt the NASAA Model Rule On the Use of Senior-Specific Certifications and Professional Designations. The model rule prohibits the misleading use of senior and retiree designations, a problem first spotlighted by state securities regulators, while while also providing a means by which a securities administrator may recognize the use of certain designations conferred by an accredited organization.
Report on Senior Practices and Procedures, June 2017
In 2016, the Investment Products & Services project group under the direction of the NASAA Broker-Dealer Section Committee conducted a survey of broker-dealer practices and procedures applicable to senior investors. NASAA greatly appreciates the cooperation of the more than 60 broker-dealers that responded to the inquiry. This report summarizes findings from the inquiry.
Senior$afe Training for Investment Professionals
Senior$afe was created in Maine for use by banks and credit unions in order to increase identification and reporting of suspected cases of elder financial exploitation. NASAA has collaborated with the Maine Council for Elder Abuse Prevention to retool Senior$afe so that it is available not only for banks and credit unions but also for broker-dealers and investment advisers.
Because there are unique and nuanced aspects of the banking and securities industries, there is a separate training available for each. Senior$afe uses a “no wrong door approach,” so that no matter which agency a report goes to, there is a commitment to make sure the report gets into the hands of the correct agency or community resource.
To Request a Training:
Contact your jurisdiction’s securities regulator to request a Senior$afe training at your workplace,