Regolamentazione dei mercati · 25/03/20112 min di lettura
Rule 17Ad-17; Transfer Agents', Brokers', and Dealers' Obligation To Search for Lost Securityholders; Paying Agents' Obligation To Search for Missing Securityholders
Traduzione automatica locale · Lingua originale della fonte
Riepilogo
The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") amended the Securities Exchange Act of 1934 ("Exchange Act") by adding a subsection entitled, "Due Diligence for the Delivery of Dividends, Interest, and Other Valuable Property Rights." The amendment directs the Securities and Exchange Commission ("Commission") to revise Exchange Act Rule 17Ad-17, "Transfer Agents' Obligation to Search for Lost Securityholders" to: extend to brokers and dealers the requirement of Rule 17Ad-17 to search for lost securityholders; add to Rule 17Ad-17 a requirement that "paying agents" notify "missing security holders" in writing that the paying agent has sent the missing security holder a check that has not yet been negotiated; add to Rule 17Ad-17 an exclusion for paying agents from the notification requirements when the value of the not yet negotiated check is less than $25; and add to Rule 17Ad-17 a provision clarifying that the written notification requirements shall have no effect on State escheatment laws. The amendment also requires the Commission to "adopt such rules, regulations, and orders necessary to implement this subsection no later than 1 year after the dat