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Ready or not: lost securityholders,uncashed checks and dormant accounts

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Purpose – This paper aims to summarize the new rules requiring broker-dealers with customer accounts to search for lost securityholders.Design/methodology/approach – The paper explains the requirement under SEC Rule 17Ad-17,beginning January 23, 2014, for any broker-dealer with customer security accounts to conduct database searches if the broker-dealer receives returned undeliverable correspondence from a securityholder;explains the requirement for any paying agent (including issuers, transfer agents, brokers, dealers,investments advisers, trustees, custodians, etc.) to send written notice to any securityholder to whom the paying agent has sent a check when the check has been uncashed for a period of 180 days. Findings – The new rules will impact more than a thousand entities in the US. Originality/value – The paper provides a practical explanation by experienced financial services lawyers.

Keywords United States of America, Securities and Exchange Commission, Broker-dealer,
Paying agent, Rule 17Ad-17, Securityholder

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Ketersediaan

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Informasi Detail

Judul Seri

JOURNAL OF INVESTMENT COMPLIANCE

No. Panggil

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Penerbit

: Emerald Group., 2013

Deskripsi Fisik

JOURNAL OF INVESTMENT COMPLIANCE VOL. 14 NO. 4 2013, pp. 53-54

Bahasa

English

ISBN/ISSN

15285812

Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

AKUNTANSI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

Versi lain/terkait

Lampiran Berkas

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