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Ready or Not: Lost Securityholders, Uncashed Checks and Dormant Accounts



by Sutherland Asbill Brennan LLP - Washington Office

August 9, 2013

Previously published on August 8, 2013

In the dog days of August, it would be tempting to put aside challenges created by new Securities and Exchange Commission (SEC) rules. But we all know that would be a mistake. Instead, attention needs to be paid now to new rules requiring searches for lost securityholders and persons holding uncashed checks, and - if that weren’t enough - to state audits of dormant broker-dealer accounts. So take the dog to the pool and get back to your office. In less than six months’ time, broker-dealers with customer accounts will be required to search for lost securityholders, and paying agents - a group that can include companies not otherwise regulated by the SEC - will need to track and trace uncashed checks.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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