The 2022 State Requirements for Broker-Dealer Annual Audited Financial Statements list is intended to keep broker-dealers and their accounting firms informed of updated financial reporting requirements and to be used as a guide when preparing and submitting annual audited financial statements to state regulatory agencies. The information in the 2022 State Requirements List is categorized by state and includes each state regulatory agency’s mailing address and contact information, whether annual audited financial statements are required and the rule reference and link to support the requirement.
California Registered Broker-Dealers and Investment Advisers are Mandatory Reporters of Elder Abuse
Broker-Dealers and Investment Advisers are Mandatory Reporters of Elder Abuse (SB 496 Financial Abuse Report)
As a reminder, effective January 1, 2020, SB 496 makes California registered broker-dealers and investment advisers mandated reporters of suspected financial abuse of an elder or dependent adult. In addition, the bill authorizes broker-dealers and investment advisers to notify a previously designated trusted contact of the financial abuse, and temporarily delay a requested disbursement from the victim’s account.
The bill also requires broker dealers and investment advisers to notify the Department of Business Oversight (DBO), among other entities, of the suspected financial abuse of elders and notify the DBO of delayed disbursements.
Report suspected elder abuse to the DBO at SB496ReportsBDIA@dbo.ca.gov.
Here is a link to the new full bill: SB 496, Chapter 351, Statutes of 2019.