| 1 | 1 | | II |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 1481 |
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| 5 | 5 | | To amend the Investment Company Act of 1940 to postpone the date of |
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| 6 | 6 | | payment or satisfaction upon redemption of certain securities in the |
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| 7 | 7 | | case of the financial exploitation of specified adults, and for other pur- |
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| 8 | 8 | | poses. |
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| 9 | 9 | | IN THE SENATE OF THE UNITED STATES |
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| 10 | 10 | | MAY9, 2023 |
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| 11 | 11 | | Mr. H |
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| 12 | 12 | | AGERTY(for himself and Mr. TESTER) introduced the following bill; |
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| 13 | 13 | | which was read twice and referred to the Committee on Banking, Hous- |
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| 14 | 14 | | ing, and Urban Affairs |
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| 15 | 15 | | A BILL |
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| 16 | 16 | | To amend the Investment Company Act of 1940 to postpone |
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| 17 | 17 | | the date of payment or satisfaction upon redemption |
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| 18 | 18 | | of certain securities in the case of the financial exploi- |
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| 19 | 19 | | tation of specified adults, and for other purposes. |
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| 20 | 20 | | Be it enacted by the Senate and House of Representa-1 |
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| 21 | 21 | | tives of the United States of America in Congress assembled, 2 |
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| 22 | 22 | | SECTION 1. SHORT TITLE. 3 |
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| 23 | 23 | | This Act may be cited as the ‘‘Financial Exploitation 4 |
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| 24 | 24 | | Prevention Act of 2023’’. 5 |
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| 26 | 26 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
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| 27 | 27 | | •S 1481 IS |
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| 28 | 28 | | SEC. 2. REDEMPTION OF CERTAIN SECURITIES POST-1 |
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| 29 | 29 | | PONED. 2 |
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| 30 | 30 | | (a) I |
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| 31 | 31 | | NGENERAL.—Section 22 of the Investment 3 |
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| 32 | 32 | | Company Act of 1940 (15 U.S.C. 80a–22) is amended by 4 |
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| 33 | 33 | | adding at the end the following: 5 |
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| 34 | 34 | | ‘‘(h) R |
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| 35 | 35 | | EQUIREMENTSWITHRESPECT TONON-INSTI-6 |
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| 36 | 36 | | TUTIONALDIRECTAT-FUNDACCOUNTS.— 7 |
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| 37 | 37 | | ‘‘(1) E |
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| 38 | 38 | | LECTION.— 8 |
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| 39 | 39 | | ‘‘(A) I |
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| 40 | 40 | | N GENERAL.—A registered open-end 9 |
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| 41 | 41 | | investment company and a transfer agent de-10 |
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| 42 | 42 | | scribed in paragraph (2) may elect to comply 11 |
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| 43 | 43 | | with the requirements under paragraph (2) and 12 |
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| 44 | 44 | | subsection (i) by notifying the Commission of 13 |
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| 45 | 45 | | that election. 14 |
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| 46 | 46 | | ‘‘(B) E |
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| 47 | 47 | | FFECT OF ELECTION .—Paragraph 15 |
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| 48 | 48 | | (2) and subsection (i) shall only apply to a reg-16 |
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| 49 | 49 | | istered open-end investment company and a 17 |
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| 50 | 50 | | transfer agent that have made an election 18 |
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| 51 | 51 | | under subparagraph (A). 19 |
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| 52 | 52 | | ‘‘(2) R |
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| 53 | 53 | | EQUIREMENTS.—In the case of a cus-20 |
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| 54 | 54 | | tomer who is a holder of a non-institutional account 21 |
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| 55 | 55 | | held directly with a registered open-end investment 22 |
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| 56 | 56 | | company and serviced by a transfer agent (com-23 |
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| 57 | 57 | | monly known as a ‘direct-at-fund account’), the com-24 |
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| 58 | 58 | | pany and transfer agent shall— 25 |
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| 60 | 60 | | kjohnson on DSK79L0C42PROD with BILLS 3 |
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| 61 | 61 | | •S 1481 IS |
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| 62 | 62 | | ‘‘(A) request from that customer the name 1 |
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| 63 | 63 | | and contact information of at least 1 individual 2 |
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| 64 | 64 | | who— 3 |
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| 65 | 65 | | ‘‘(i) is, at the time of that request, an 4 |
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| 66 | 66 | | adult; and 5 |
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| 67 | 67 | | ‘‘(ii) may be contacted with respect to 6 |
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| 68 | 68 | | that account; 7 |
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| 69 | 69 | | ‘‘(B) document and retain the information 8 |
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| 70 | 70 | | received under subparagraph (A); and 9 |
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| 71 | 71 | | ‘‘(C) disclose to that customer in writing 10 |
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| 72 | 72 | | (including through electronic delivery) that such 11 |
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| 73 | 73 | | company or transfer agent may contact an indi-12 |
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| 74 | 74 | | vidual specified under subparagraph (A) with 13 |
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| 75 | 75 | | respect to the account of that customer to— 14 |
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| 76 | 76 | | ‘‘(i) address possible financial exploi-15 |
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| 77 | 77 | | tation of that customer; 16 |
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| 78 | 78 | | ‘‘(ii) confirm the contact information 17 |
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| 79 | 79 | | or health status of that customer; or 18 |
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| 80 | 80 | | ‘‘(iii) identify any legal guardian, ex-19 |
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| 81 | 81 | | ecutor, trustee, or holder of a power of at-20 |
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| 82 | 82 | | torney with respect to the customer. 21 |
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| 83 | 83 | | ‘‘(i) R |
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| 84 | 84 | | EDEMPTION OF CERTAINSECURITIESPOST-22 |
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| 85 | 85 | | PONED.— 23 |
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| 86 | 86 | | ‘‘(1) I |
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| 87 | 87 | | N GENERAL.—Notwithstanding subsection 24 |
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| 88 | 88 | | (e), a registered open-end investment company or a 25 |
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| 89 | 89 | | VerDate Sep 11 2014 23:00 May 15, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1481.IS S1481 |
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| 90 | 90 | | kjohnson on DSK79L0C42PROD with BILLS 4 |
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| 91 | 91 | | •S 1481 IS |
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| 92 | 92 | | transfer agent acting on behalf of such a company 1 |
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| 93 | 93 | | may postpone the date of payment or satisfaction 2 |
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| 94 | 94 | | upon redemption of any redeemable security in ac-3 |
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| 95 | 95 | | cordance with its terms for more than seven days 4 |
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| 96 | 96 | | after the tender of such security to such company or 5 |
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| 97 | 97 | | its agent designated for that purpose for redemption 6 |
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| 98 | 98 | | if such company or agent reasonably believes that— 7 |
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| 99 | 99 | | ‘‘(A) that redemption is requested by a se-8 |
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| 100 | 100 | | curity holder who is a specified adult; and 9 |
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| 101 | 101 | | ‘‘(B) financial exploitation has occurred, is 10 |
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| 102 | 102 | | occurring, or has been attempted with respect 11 |
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| 103 | 103 | | to that redemption. 12 |
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| 104 | 104 | | ‘‘(2) D |
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| 105 | 105 | | URATION.— 13 |
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| 106 | 106 | | ‘‘(A) I |
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| 107 | 107 | | N GENERAL.—Except as provided in 14 |
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| 108 | 108 | | subparagraphs (B) and (C), a registered open- 15 |
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| 109 | 109 | | end investment company or a transfer agent 16 |
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| 110 | 110 | | acting on behalf of such company may postpone 17 |
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| 111 | 111 | | the date of payment or satisfaction upon re-18 |
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| 112 | 112 | | demption of a redeemable security under para-19 |
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| 113 | 113 | | graph (1) for a period of not more than 15 20 |
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| 114 | 114 | | business days. 21 |
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| 115 | 115 | | ‘‘(B) E |
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| 116 | 116 | | XTENSION UPON DETERMINATION 22 |
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| 117 | 117 | | OF EXPLOITATION.—The period described in 23 |
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| 118 | 118 | | subparagraph (A) may be extended by an addi-24 |
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| 119 | 119 | | tional 10 business days if the registered open- 25 |
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| 120 | 120 | | VerDate Sep 11 2014 23:00 May 15, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1481.IS S1481 |
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| 121 | 121 | | kjohnson on DSK79L0C42PROD with BILLS 5 |
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| 122 | 122 | | •S 1481 IS |
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| 123 | 123 | | end investment company or a transfer agent 1 |
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| 124 | 124 | | acting on behalf of such a company— 2 |
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| 125 | 125 | | ‘‘(i) reasonably believes that— 3 |
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| 126 | 126 | | ‘‘(I) the redemption is requested 4 |
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| 127 | 127 | | by a security holder who is a specified 5 |
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| 128 | 128 | | adult; and 6 |
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| 129 | 129 | | ‘‘(II) financial exploitation has 7 |
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| 130 | 130 | | occurred, is occurring, or has been at-8 |
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| 131 | 131 | | tempted with respect to such redemp-9 |
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| 132 | 132 | | tion; 10 |
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| 133 | 133 | | ‘‘(ii) subject to subparagraph (D), not 11 |
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| 134 | 134 | | later than 2 days after making a deter-12 |
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| 135 | 135 | | mination under clause (i), notifies the indi-13 |
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| 136 | 136 | | viduals specified by that security holder 14 |
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| 137 | 137 | | under subsection (h)(2)(A) in writing (in-15 |
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| 138 | 138 | | cluding through electronic delivery) of the 16 |
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| 139 | 139 | | extension of the period described in sub-17 |
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| 140 | 140 | | paragraph (A) under this subparagraph 18 |
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| 141 | 141 | | and the reason for that extension; 19 |
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| 142 | 142 | | ‘‘(iii) initiates an internal review of 20 |
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| 143 | 143 | | the facts and circumstances relating to the 21 |
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| 144 | 144 | | determination under clause (i); 22 |
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| 145 | 145 | | ‘‘(iv) holds amounts relating to the 23 |
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| 146 | 146 | | delayed payment or satisfaction upon re-24 |
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| 148 | 148 | | kjohnson on DSK79L0C42PROD with BILLS 6 |
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| 149 | 149 | | •S 1481 IS |
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| 150 | 150 | | demption of the redeemable security in a 1 |
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| 151 | 151 | | demand deposit account; and 2 |
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| 152 | 152 | | ‘‘(v) documents and retains records 3 |
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| 153 | 153 | | related to carrying out clause (iv) and in-4 |
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| 154 | 154 | | cludes those records in the first required 5 |
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| 155 | 155 | | account statement of the security holder 6 |
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| 156 | 156 | | provided after the date on which the deter-7 |
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| 157 | 157 | | mination is made under clause (i). 8 |
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| 158 | 158 | | ‘‘(C) E |
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| 159 | 159 | | XTENSION BY GOVERNMENT .—A 9 |
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| 160 | 160 | | State regulator, administrative agency of com-10 |
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| 161 | 161 | | petent jurisdiction, or court of competent juris-11 |
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| 162 | 162 | | diction may extend the period described in sub-12 |
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| 163 | 163 | | paragraph (A). 13 |
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| 164 | 164 | | ‘‘(D) N |
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| 165 | 165 | | OTIFICATION.— 14 |
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| 166 | 166 | | ‘‘(i) E |
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| 167 | 167 | | XCEPTION.—Subparagraph 15 |
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| 168 | 168 | | (B)(ii) shall not apply if a registered open- 16 |
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| 169 | 169 | | end investment company or transfer agent 17 |
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| 170 | 170 | | acting on behalf of such a company reason-18 |
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| 171 | 171 | | ably believes that an individual required to 19 |
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| 172 | 172 | | be notified under that subparagraph is, 20 |
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| 173 | 173 | | has been, or will subject the security holder 21 |
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| 174 | 174 | | who identified that individual under sub-22 |
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| 175 | 175 | | section (h)(2)(A) to financial exploitation. 23 |
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| 176 | 176 | | ‘‘(ii) R |
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| 177 | 177 | | EASONABLE EFFORTS .—An 24 |
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| 178 | 178 | | open-end investment company or transfer 25 |
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| 180 | 180 | | kjohnson on DSK79L0C42PROD with BILLS 7 |
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| 181 | 181 | | •S 1481 IS |
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| 182 | 182 | | agent acting on behalf of such a company 1 |
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| 183 | 183 | | shall be considered in compliance with sub-2 |
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| 184 | 184 | | paragraph (B)(ii) if that company or 3 |
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| 185 | 185 | | transfer agent makes a reasonable effort to 4 |
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| 186 | 186 | | contact the individuals specified by a secu-5 |
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| 187 | 187 | | rity holder under subsection (h)(2)(A). 6 |
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| 188 | 188 | | ‘‘(E) I |
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| 189 | 189 | | NTERNAL PROCEDURES .—An open- 7 |
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| 190 | 190 | | end investment company or transfer agent act-8 |
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| 191 | 191 | | ing on behalf of such a company shall establish 9 |
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| 192 | 192 | | procedures to carry out the requirements under 10 |
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| 193 | 193 | | this subsection, including procedures— 11 |
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| 194 | 194 | | ‘‘(i) relating to the identification and 12 |
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| 195 | 195 | | reporting of matters relating to the finan-13 |
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| 196 | 196 | | cial exploitation of specified adults; 14 |
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| 197 | 197 | | ‘‘(ii) to determine whether to release 15 |
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| 198 | 198 | | or reinvest delayed redemption proceeds, 16 |
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| 199 | 199 | | taking into account the facts and cir-17 |
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| 200 | 200 | | cumstances of each case, should the inter-18 |
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| 201 | 201 | | nal review under subparagraph (B)(iii) 19 |
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| 202 | 202 | | support the reasonable belief described in 20 |
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| 203 | 203 | | subparagraph (B)(i); 21 |
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| 204 | 204 | | ‘‘(iii) identifying each employee of the 22 |
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| 205 | 205 | | company or transfer agent with authority 23 |
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| 206 | 206 | | to establish, extend, or terminate a period 24 |
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| 208 | 208 | | kjohnson on DSK79L0C42PROD with BILLS 8 |
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| 209 | 209 | | •S 1481 IS |
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| 210 | 210 | | described in paragraph (1) or subpara-1 |
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| 211 | 211 | | graph (A); 2 |
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| 212 | 212 | | ‘‘(iv) in the case of a transfer agent, 3 |
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| 213 | 213 | | that are reasonably designed to ensure that 4 |
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| 214 | 214 | | the employees of the transfer agent comply 5 |
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| 215 | 215 | | with this subsection; and 6 |
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| 216 | 216 | | ‘‘(v) in the case of an open-end invest-7 |
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| 217 | 217 | | ment company, establishing periodic re-8 |
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| 218 | 218 | | porting requirements under which a trans-9 |
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| 219 | 219 | | fer agent acting on behalf of the company 10 |
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| 220 | 220 | | shall notify the company of— 11 |
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| 221 | 221 | | ‘‘(I) each extension under sub-12 |
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| 222 | 222 | | paragraph (B) authorized by the 13 |
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| 223 | 223 | | transfer agent; 14 |
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| 224 | 224 | | ‘‘(II) each finding by the transfer 15 |
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| 225 | 225 | | agent under subparagraph (B)(i); 16 |
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| 226 | 226 | | ‘‘(III) each notification under 17 |
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| 227 | 227 | | subparagraph (B)(ii) carried out by 18 |
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| 228 | 228 | | the transfer agent; and 19 |
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| 229 | 229 | | ‘‘(IV) the results of each internal 20 |
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| 230 | 230 | | review initiated by the transfer agent 21 |
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| 231 | 231 | | under subparagraph (B)(iii). 22 |
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| 232 | 232 | | ‘‘(F) I |
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| 233 | 233 | | NFORMATION INCLUDED IN CERTAIN 23 |
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| 234 | 234 | | STATEMENTS.—An open-end investment com-24 |
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| 235 | 235 | | pany shall include in each prospectus or state-25 |
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| 237 | 237 | | kjohnson on DSK79L0C42PROD with BILLS 9 |
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| 238 | 238 | | •S 1481 IS |
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| 239 | 239 | | ment of additional information a notification 1 |
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| 240 | 240 | | that the company or a transfer agent acting on 2 |
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| 241 | 241 | | behalf of the company may postpone redemp-3 |
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| 242 | 242 | | tion of certain securities under this subsection. 4 |
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| 243 | 243 | | ‘‘(G) R |
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| 244 | 244 | | ECORD RETENTION .—An open-end 5 |
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| 245 | 245 | | investment company or transfer agent acting on 6 |
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| 246 | 246 | | behalf of such a company shall— 7 |
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| 247 | 247 | | ‘‘(i) document and retain records of— 8 |
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| 248 | 248 | | ‘‘(I) each postponement of re-9 |
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| 249 | 249 | | demption under subparagraphs (A), 10 |
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| 250 | 250 | | (B), and (C); 11 |
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| 251 | 251 | | ‘‘(II) each finding under subpara-12 |
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| 252 | 252 | | graph (B)(i); 13 |
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| 253 | 253 | | ‘‘(III) the name and position of 14 |
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| 254 | 254 | | each employee described in subpara-15 |
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| 255 | 255 | | graph (E)(iii); 16 |
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| 256 | 256 | | ‘‘(IV) each notification carried 17 |
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| 257 | 257 | | out under subparagraph (B)(ii); and 18 |
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| 258 | 258 | | ‘‘(V) the results of each internal 19 |
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| 259 | 259 | | review initiated under subparagraph 20 |
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| 260 | 260 | | (B)(iii); and 21 |
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| 261 | 261 | | ‘‘(ii) make the records described in 22 |
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| 262 | 262 | | clause (i) available to the Commission at 23 |
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| 263 | 263 | | the request of the Commission. 24 |
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| 265 | 265 | | kjohnson on DSK79L0C42PROD with BILLS 10 |
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| 266 | 266 | | •S 1481 IS |
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| 267 | 267 | | ‘‘(3) SPECIFIED ADULT DEFINED .—In this sub-1 |
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| 268 | 268 | | section, the term ‘specified adult’ means an indi-2 |
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| 269 | 269 | | vidual who— 3 |
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| 270 | 270 | | ‘‘(A) is not younger than 65 years of age; 4 |
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| 271 | 271 | | or 5 |
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| 272 | 272 | | ‘‘(B) is not younger than 18 years of age 6 |
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| 273 | 273 | | and who a registered open-end investment com-7 |
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| 274 | 274 | | pany or a transfer agent acting on behalf of 8 |
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| 275 | 275 | | such a company reasonably believes has a men-9 |
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| 276 | 276 | | tal or physical impairment that renders the in-10 |
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| 277 | 277 | | dividual unable to protect the interests of the 11 |
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| 278 | 278 | | individual.’’. 12 |
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| 279 | 279 | | (b) R |
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| 280 | 280 | | ECOMMENDATIONS .— 13 |
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| 281 | 281 | | (1) I |
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| 282 | 282 | | N GENERAL.—Not later than 1 year after 14 |
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| 283 | 283 | | the date of enactment of this Act, the Securities and 15 |
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| 284 | 284 | | Exchange Commission, in consultation with the enti-16 |
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| 285 | 285 | | ties specified in paragraph (2), shall submit to Con-17 |
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| 286 | 286 | | gress a report that includes recommendations re-18 |
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| 287 | 287 | | garding the regulatory and legislative changes nec-19 |
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| 288 | 288 | | essary to address the financial exploitation of secu-20 |
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| 289 | 289 | | rity holders who are specified adults (as defined in 21 |
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| 290 | 290 | | subsection (i)(3) of section 22 of the Investment 22 |
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| 291 | 291 | | Company Act of 1940 (15 U.S.C. 80a–22), as added 23 |
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| 292 | 292 | | by this section). 24 |
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| 294 | 294 | | kjohnson on DSK79L0C42PROD with BILLS 11 |
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| 295 | 295 | | •S 1481 IS |
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| 296 | 296 | | (2) CONSULTATION.—The entities specified in 1 |
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| 297 | 297 | | this paragraph are as follows: 2 |
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| 298 | 298 | | (A) The Commodity Futures Trading 3 |
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| 299 | 299 | | Commission. 4 |
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| 300 | 300 | | (B) The Director of the Bureau of Con-5 |
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| 301 | 301 | | sumer Financial Protection. 6 |
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| 302 | 302 | | (C) The Financial Industry Regulatory Au-7 |
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| 303 | 303 | | thority. 8 |
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| 304 | 304 | | (D) The North American Securities Ad-9 |
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| 305 | 305 | | ministrators Association. 10 |
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| 306 | 306 | | (E) The Board of Governors of the Fed-11 |
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| 307 | 307 | | eral Reserve System. 12 |
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| 308 | 308 | | (F) The Comptroller of the Currency. 13 |
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| 309 | 309 | | (G) The Federal Deposit Insurance Cor-14 |
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| 310 | 310 | | poration. 15 |
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| 311 | 311 | | Æ |
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| 313 | 313 | | kjohnson on DSK79L0C42PROD with BILLS |
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