,i  #aagth ,,congress  #ast ,session    
,h4 ,r4 #bbfe  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bf1          
#bjba,mrs4 ,wagner introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the ,investment    
,company ,act of #aidj to postpone the  
date of payment or satisfaction upon    
redemption of certain securities in the 
case of the financial exploitation of   
specified adults1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,financial          
,exploitation ,prevention ,act of #bjba4
  #b4 ,redemption of certain securities 
postponed  7a7 ,in general ,section #bb 
of the ,investment ,company ,act of     
#aidj 7#ae ,u4,s4,c4 #hj;a-#bb7 is      
amended by adding at the end the        
following3  7h7 ,redemption of certain  
securities postponed  7#a7 ,in general  
,notwithstanding subsection 7e71 a      
registered open-end investment company  
or a transfer agent acting on behalf of 

such company may postpone the date of   
payment or satisfaction upon redemption 
of any redeemable security in accordance
 with its terms for more than seven days
 after the tender of such security to   
such company or its agent designated for
 that purpose for redemption if such    
company or agent reasonably believes    
that such redemption is requested       
through the financial exploitation of a 
security holder who is a specified      
adult4  7#b7 ,duration  7,a7 ,in general
 ,except as provided in subparagraphs   
7,b7 and 7,c71 a registered open-end    
investment company or a transfer agent  
acting on behalf of such company may    
postpone the date of payment or         
satisfaction upon redemption of a       
redeemable security under paragraph 7#a7
 for a period of not more than #ae      
business days4  7,b7 ,extension upon    
determination of exploitation ,the      
period described in subparagraph 7,a7   
may be extended by an additional #aj    
business days if the registered open-end

 investment company or a transfer agent 
acting on behalf of such company        
determines through an internal review   
that the redemption described in such   
subparagraph is requested through the   
financial exploitation of a security    
holder who is a specified adult4  7,c7  
,extension by government ,a ,state      
regulator1 administrative agency of     
competent jurisdiction1 or court of     
competent jurisdiction may extend the   
period described in subparagraph 7,a74  
7#c7 ,specified adult defined ,in this  
subsection1 the term specified adult    
means-- 7,a7 an individual age #fe or   
older2 or  7,b7 an individual age #ah or
 older who a registered open-end        
investment company or a transfer agent  
acting on behalf of such company        
reasonably believes has a mental or     
physical impairment that renders the    
individual unable to protect his or her 
own interests4  4  7b7 ,recommendations 
7#a7 ,in general ,not later than #a year
 after the date of the enactment of this

 section1 the ,securities and ,exchange 
,commission1 in consultation with the   
entities specified in paragraph 7#b71   
shall submit to ,congress a report that 
includes recommendations regarding the  
regulatory and legislative changes      
necessary to address the financial      
exploitation of security holders who are
 specified adults 7as defined in        
subsection 7h77#c7 of section #bb of the
 ,investment ,company ,act of #aidj 7#ae
 ,u4,s4,c4 #hj;a-#bb71 as added by this 
section74  7#b7 ,consultation ,the      
entities specified in this paragraph are
 as follows3 7,a7 ,the ,commodity       
,futures ,trading ,commission4  7,b7    
,the ,director of the ,bureau of        
,consumer ,financial ,protection4  7,c7 
,the ,financial ,industry ,regulatory   
,authority4  7,d7 ,the ,north ,american 
,securities ,administrators             
,association4  7,e7 ,the ,board of      
,governors of the ,federal ,reserve     
,system4  7,f7 ,the ,comptroller of the 
,currency4  7,g7 ,the ,federal ,deposit 

,insurance ,corporation4