Brokerage
Through revisions to SEC Rule 17Ad-17 in response to the Dodd-Frank bill of 2010, all brokers will soon face a new set of requirements to locate shareowners. Keane is ready to support brokerage firms in meeting these requirements.
New York Securities Reporting Update
This year, New York has implemented changes in the process for reporting securities. We would like to call your particular attention to the instructions for transferring mutual fund and dividend reinvestment plan shares to the state of New York. This new reporting process may require you to contact the state to set up an account … [ read more ... ]
SEC Rule 17Ad-17 Finalized: New Requirements for the Brokerage Industry
As anticipated, the amendments to SEC Rule 17Ad-17 have been finalized and will have a significant impact on the broker dealer community. Once exempt from the regulation, brokerage firms will now be required to conduct regular searches for missing security holders once they have been declared missing under the Dodd-Frank Financial Reform Bill. Stock and … [ read more ... ]
SEC 17Ad-17 Revisions to be Released End of 2012
On Wednesday, November 28, Debbie Zumoff, Chief Compliance Officer for Keane, received notification from The Office of the Special Counsel, Division of Trading and Markets, that SEC Rule 17Ad-17 had been approved by the Office of the General Counsel. It’s expected that all Commissioners will approve the proposed changes and submit final sign-off by mid-December … [ read more ... ]
Keane CCO Discusses Escheatment with the Wall Street Journal
The Wall Street Journal recently featured an article which provides additional insight and commentary regarding Delaware’s clarification of their unclaimed property rules. As we previously noted, Delaware clarified their position on the measures of inactivity and how account inactivity impacts the escheatment of securities properties and brokerage accounts. Keane Chief Compliance Officer, Debbie Zumoff, was … [ read more ... ]
Delaware Clarifies Inactivity & Escheatment of Securities
At the request of the Securities Transfer Association, Inc. (STA) Delaware issued clarification dated May 10, 2012 on the escheatment of securities property, specifically emphasizing what constitutes activity for these property types. The primary concern of the STA and its members was the verbiage of the existing Delaware Escheats Law surrounding foreign-addressed property, accounts established … [ read more ... ]
