Workplace Insights | Bank of America Merrill Lynch

Our Point of View

We are advocating for Federal and State Securities regulators to develop legislation to provide for protections against financial fraud. Current proposals include:

  • Senior Safe Act - Senators Claire McCaskill (D-MO) and Susan Collins (R-ME) are the co-sponsors. The Act is intended to provide immunity from suit for certain individuals who disclose potential examples of financial exploitation of senior citizens, and for other purposes.

  • FINRA - Proposed FINRA Notice 15-37 (Rules Relating to Financial Exploitation of Seniors and Other Vulnerable Adults) would require firms to make reasonable efforts to obtain the name of, and contact information for, a "trusted contact person" for customer accounts. In addition, proposed FINRA Rule 2165 (Financial Exploitation of Specified Adults) would permit qualified individuals of firms to place temporary holds on disbursements of funds or securities from the accounts of clients where there is a reasonable belief that the individual is a possible victim of financial exploitation. FINRA has not provided an estimated date when the final guidance will be published.

  • North American Security Administrators Association - A group of State securities professionals has drafted model language that can be used by states that choose to enact legislation to provide protection under state securities laws for financial services firms and professionals addressing potential privacy and delay in execution where elder fraud is suspected.

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