N.M. Code R. § 12.11.18.8

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.11.18.8 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT

A. The standardized training curriculum for training provided pursuant to the Protecting Vulnerable Adults from Financial Exploitation Act shall include adequate detail and explanation regarding:

(1) The agencies to which disclosures must be made, including:

(a) agency contact information;

(b) the designated functions and respective roles of the agencies; and

(c) how to make a required disclosure to each agency;

(2) The key terms from Section 2, particularly:

(a) eligible adult;

(b) financial exploitation;

(c) incapacitated person; and

(d) qualified individual;

(3) delaying disbursements or transactions; and

(4) immunity.

B. Training developed by a broker-dealer or investment advisor shall cover all topics addressed in Subsection A of this section and shall be submitted to the director of the securities division for approval. Notice of approval of standardized training curriculum will be issued by the director after review of the curriculum and determination that it is satisfactory.

C. A broker-dealer or investment advisor specifically employing personnel that manage, oversee or perform the type of reporting mandated by the Protecting Vulnerable Adults from Financial Exploitation Act must provide documentation to the securities division showing that:

(1) the personnel identified in Section C are given the appropriate training required by Section A and

(2) the broker-dealer's or investment advisor's reporting protocols comply with the provisions of the Protecting Vulnerable Adults from Financial Exploitation Act.

D. As a condition of registration, broker-dealers and investment advisors shall file a report pursuant to Paragraph (2) of Subsection A of Section 58-13C-406 NMSA 1978, confirming compliance with Section 7B of the Protecting Vulnerable Adults from Financial Exploitation Act.

E. A disbursement or transaction may be delayed pursuant to Section 58-13D-5 NMSA 1978 of the Protecting Vulnerable Adults from Financial Exploitation Act only if the broker-dealer, investment advisor or qualified individual who reasonably believes that executing the disbursement or transaction may directly result in the financial exploitation of an eligible adult and all other requirements provided in Section 58-13D-5 of the act are met.

N.M. Code R. § 12.11.18.8

Adopted by New Mexico Register, Volume XXIX, Issue 17, September 11, 2018, eff. 9/11/2018