State Protections For Vulnerable Investors Advance In 2019

By Lawrence Fenster and Andrew Mount (December 9, 2019, 3:20 PM EST) -- The North American Securities Administrators Association's Model Act to Protect Vulnerable Adults from Financial Exploitation or similar protective measures have now been adopted in 27 states through legislation or regulation.

As of year-end 2019, Arizona, California, New Hampshire, Maine, Rhode Island and Virginia have passed these report and hold laws, and two states — Wisconsin and Michigan — have introduced similar bills. Bills failed to pass in Missouri and New Jersey, and for the second consecutive year in Florida and Washington, D.C.

The Model Act requires broker-dealers and state-registered investment advisers to report suspected financial exploitation of senior and vulnerable investors...

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