Posted on Monday, 1st August 2011 by Keane Unclaimed Property Team

In the last year, the spotlight has been on the Dodd-Frank financial reform bill. Part of that bill includes proposed amendments to SEC Rule 17Ad-17 that will extend requirements in the handling of lost shareholders and unclaimed property to the previously exempt broker/dealer community. The proposed Rule would require broker/dealers to exercise reasonable care in finding lost security holders. Once a holder is considered lost, the broker/dealer would be required to search for a new address for the account holder.

In its current state, the proposed rule promises to create five major points of impact on the broker/dealer community. The five challenges are: Read More »

Posted on Thursday, 4th November 2010 by Keane Unclaimed Property Team

With reporting deadlines occurring at the end of this month, we are constantly keeping abreast of issues involving unclaimed property and dormant accounts—even ones occurring outside the United States. A recent article caught our attention from CaymanNewsService titled “Law fundamentally ‘flawed’” as it raised some unclaimed property law issues that have and continue to occur state side. Read More »

Posted on Thursday, 3rd December 2009 by Keane Unclaimed Property Team

This post is to advise that on 11/23/09, the Arizona Legislature passed SB 1003 reducing dormancy periods for purposes of unclaimed property reporting.

The new legislation reduces dormancy periods for all property types by one year, except the dormancy period for travelers checks will be reduced from 15 to 3 years (an amendment is pending to revert back to 15) and the dormancy period for money orders is to be reduced from 7 to 3 years. Read More »