Washington –
“We detected a growing problem for senior investors and have responded to it aggressively with a regulatory solution,” says Karen Tyler, North Dakota securities commissioner and president of NASAA. “I urge all NASAA members to adopt this model rule within their jurisdictions as soon as possible.”
The use of a senior designation by salespersons, whether registered or not, confers an impression that the salesperson has special qualifications or specialized education in addressing the needs of senior citizens or retirees, particularly in the areas of finance, financial planning, estate planning or investing. The model rule prohibits the misleading use of senior and retiree designations while also providing a means by which a securities administrator may recognize the use of certain designations conferred by an accredited organization. NASAA worked with the Securities and Exchange Commission (SEC) to develop the new rule.
“Fraud against seniors robs dreams, destroys lives and erodes the very trust on which our markets depend,” says SEC Chairman Christopher Cox. “This national approach to senior designations at the state level will make it easier for honest firms to help their aging customers, while making it harder for fraudsters to rob our parents and grandparents of their financial security.”
Source: North American Securities Administrators Association
