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“The SEC strongly encourages broker-dealers and investment advisers to train their personnel in accordance with the Senior Safe Act. “Financial professionals can provide a critical frontline role in identifying and reporting senior financial exploitation,” said SEC Chairman Jay Clayton. In addition, reports of suspected exploitation must be made “in good faith” and “with reasonable care.” This immunity applies to individuals and firms.
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The immunity established by the Act is provided on the condition that employees receive training on how to identify and report exploitative activity against seniors before making a report. As an example, this immunity can be helpful when a firm wants to report potential exploitation but fears that the report could violate a privacy requirement.
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Specifically, the Act protects “covered financial institutions” – which include investment advisers, broker-dealers, and transfer agents – and their eligible employees, affiliated persons, and associated persons (“eligible employees”), from liability in any civil or administrative proceeding for reporting a case of potential exploitation of a senior citizen to a covered agency. The Act addresses barriers financial professionals face in reporting suspected senior financial exploitation or abuse to authorities. The Senior Safe Act was included as Section 303 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was signed into law on May 24, 2018. The Senior Safe Act Fact Sheet provides information on the immunity and training provisions of the Act, as well as additional resources from the SEC, NASAA, and FINRA. In recognition of the one-year anniversary of the passage of The Senior Safe Act, the Securities and Exchange Commission, the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) have issued a fact sheet to help raise awareness among broker-dealers, investment advisers, and transfer agents of the Act and how the Act’s immunity provisions work. Five Questions to Ask Before You Invest.