Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, November 13, 2007

NASAA Proposes a Model Rule to Deal with Senior Designations

NASAA has requested public comment on a proposed model rule on the use of senior-specific certifications and professional designations.  Some brokers and advisers use bogus "credentials" to claim expertise in providing investment advice to senior citizens.  FINRA has warnings about this practice on its website, and some state regulators (Massachusetts and Nebraska, in particular) have been active in cracking down on the practice.  The proposed rule prohibits the misleading use of senior designations and also provides a way that regulators can recognize accredited designations.

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