Bill > HR500

This bill, the Financial Exploitation Prevention Act of 2023, amends the Investment Company Act of 1940 to allow registered open-end investment companies and their transfer agents to postpone the payment or satisfaction upon redemption of certain securities if they reasonably believe the redemption request is from a "specified adult" (someone 65 or older, or 18 or older with a mental or physical impairment) and financial exploitation has occurred, is occurring, or has been attempted. The bill requires these companies and agents to establish procedures for identifying and reporting suspected financial exploitation, as well as for determining whether to release or reinvest the delayed redemption proceeds. It also directs the Securities and Exchange Commission to provide recommendations for regulatory and legislative changes to address the financial exploitation of specified adults.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/house-bill/500/all-info