NASAA Releases Guide to Practices and Procedures for Protecting Senior Investors and Vulnerable Adults from Financial Exploitation

The North American Securities Administrators Association (NASAA) released a guide to assist broker-dealer and investment adviser firms in developing practices and procedures to detect and address instances of diminished capacity in senior and other clients and suspected cases of senior financial exploitation.

The NASAA guide highlights steps that firms can take to identify and respond to issues that are common in working with senior investors, including new tools that may be available under state law. The guide is structured around five key concepts: identifying vulnerable individuals; governmental reporting; third-party reporting; delaying disbursements from client accounts; and continuing regulatory cooperation following reports or disbursement delays.

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