Financial Exploitation Prevention Act of 2021
This bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company or transfer agent reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests. Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.
Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of such adults.