Financial Services Bulletin: Action At The SEC

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The SEC Adopts Lost Securities Holder Rules

On Friday, December 21, 2012, the Securities and Exchange Commission (the "SEC") adopted amendments to Exchange Act Rule 17Ad-17 to implement the requirements of Section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Section 929W directed the SEC to revise existing regulations to (a) extend the requirements of Rule 17Ad-17 to search for lost security holders from only recordkeeping transfer agents to broker-dealers as well; (b) add a requirement that paying agents notify unresponsive payees that a paying agent has sent a security holder a check that has not yet been cashed; and (c) add certain other provisions.  The SEC also adopted new Rule 15b1-6, a technical rule to help ensure that brokers-dealers have notice of their new obligations with respect to lost security holders and unresponsive payees.

Read the SEC press release


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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