SEC Rule for Lost Holders of Securities

Orrick - Finance 20/20
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On December 21, 2012, the SEC approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact. The rules also require broker-dealers and other market participants to provide notifications to persons who have not processed checks that they have received in connection with their securities holdings. The rules will be effective 60 days after publication in the Federal Register. SEC 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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