Alert
06.05.2020

Bressler’s Senior and Vulnerable Investor Issues Map has been a leading resource for broker-dealers and investment advisers since it was unveiled in 2017.  Since that time, more and more states have passed legislation designed to protect their senior and vulnerable populations from financial exploitation.  The evolution of state report and hold laws has included adding holds on transactions as well as disbursements, extending safe harbor periods to allow thorough internal investigations and allowing firms to contact third parties not previously designated by the eligible adult.  These changes are providing firms with more effective options for fighting the financial exploitation of their seniors and vulnerable clients.

With that in mind, Bressler has refined and updated its Seniors Map to add the additional information outlined below:

  • Contact Information for Each State Agency Where Firms Need to Report Suspected Financial Exploitation: The map has been updated with e-mail addresses, telephone numbers and fax numbers (where applicable) for the agencies in each state where firms can report financial exploitation and transaction/disbursement holds. Further, links to all online reporting forms have been provided. The contact information is regularly monitored and updated as states release new reporting tools.
  • Immunity Provisions: Firms can now easily see the immunities provided under each state financial exploitation or Adult Protective Services law for making a report, disclosure or holding a transaction/disbursement.
  • Hold Provisions: Each state with a financial exploitation law was updated to provide clarification as to whether a firm is limited to holding a “disbursement” or more generally allowed to hold a “transaction and a disbursement.”
  • Notification Requirements When Placing a Hold: The map has been updated to provide the notification requirement for firms that place transaction or disbursement holds pursuant to a firm’s financial exploitation statute.
  • Links to All Statutes: Links have been provided to all available statutes.

Bressler’s Seniors Map is regularly updated as state law in this area continues to develop.  For questions or further information about the Seniors Map, please contact Andrew Mount or any member of the Firm’s Senior and Vulnerable Investor Group.

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