FL H0143

Securities dealers, investment advisers, and associated persons are added to the list of mandatory reporters required to immediately report known or suspected abuse, neglect, or exploitation of vulnerable adults to the Department of Children and Families central abuse hotline

Dealers and investment advisers may delay transactions or disbursements from accounts of "specified adults" (persons 65+ or vulnerable adults) for up to 15 business days when they reasonably believe exploitation has occurred or is being attempted, with a possible 10-day extension

Within 3 business days of placing a delay, dealers/advisers must notify all authorized parties on the account, any trusted contact, and the Office of Financial Regulation of the delay and reason (unless a notified party is suspected of the exploitation)

Dealers, investment advisers, and associated persons who delay transactions or provide records based on a reasonable belief of exploitation are presumed to be acting in good faith and receive immunity from civil and administrative liability

Dealers and investment advisers must develop training policies on exploitation issues, maintain written procedures for reporting suspected exploitation to supervisors, conduct periodic training for associated persons, and keep written compliance records