CT SB00474

Requires qualified individuals (agents, investment advisers, supervisory/compliance staff) at broker-dealers and investment advisers to report suspected financial exploitation of eligible adults to the Commissioner of Social Services and Banking Commissioner within two business days.

Grants immunity from civil and administrative liability to qualified individuals who make good faith reports of suspected exploitation or notify authorized trusted contact persons, except where the individual participated in the misconduct.

Permits broker-dealers and investment advisers to delay disbursements from accounts of eligible adults for up to 15 business days (extendable to 25 business days with Department of Social Services or Banking Commissioner request) if they reasonably believe the disbursement may result in financial exploitation.

Requires investment advisers to maintain records of trusted contact persons authorized by clients and provide written notice of delayed disbursements within two business days to all authorized parties (except suspected perpetrators).

Mandates broker-dealers and investment advisers to develop training programs for qualified individuals to understand and implement these financial exploitation protections; effective October 1, 2018.