In a newly issued "Fact Sheet," the SEC, FINRA and the North American Securities Administrators Association ("NASAA") provided guidance on certain immunity provisions under the Senior Safe Act (the "Act"). The provisions concern the reporting of potential financial exploitation of a senior citizen by investment advisers, broker-dealers and banking entities.
The regulators stated that:
- both registered representatives and supervisors are eligible for immunity;
- for a person to be eligible, the person must have received training on the Act regarding how to identify and report the suspected exploitation of a senior citizen internally;
- records of employees who finish the training must be maintained by the covered financial institution; and
- the qualified immunity established under the Act applies only to disclosures made by a covered financial institution or an employee of such institution to a "covered agency."
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