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Securities Transfer Association

Securities Transfer Association. Abandoned Property Committee. Reason For the Committee. Continual Trend in the Reduction of dormancy periods New York and Louisiana changed from 5 to 3 year dormancy in 2006 Increase in State or State directed audits for filers

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Securities Transfer Association

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  1. Securities Transfer Association Abandoned Property Committee

  2. Reason For the Committee • Continual Trend in the Reduction of dormancy periods • New York and Louisiana changed from 5 to 3 year dormancy in 2006 • Increase in State or State directed audits for filers • Penalties and/or interest fines for failure to properly report • Supplementing understanding of the Statutes and engagement of the States in seeking clarification

  3. Goals of the Committee • Inform our membership of the requirement of escheatment • Inform our membership of escheatment dormancies and the changes thereto • Provide our membership with a unified voice in pursuing clarification, changes or opinions on Statutes. • Sharing of contact and best practices

  4. The STA Abandoned Property Matrix • The STA Abandoned Property Matrix contains property specific dormancy periods for our membership as derived from the statues. • However there is much more being done • On a semi-annual basis, the States are surveyed as to procedural points, which are often not included in respective Statutes. This is a very involved process requiring diligent follow-up and clarification. • Example: The Impact of SEC Rule 17 ad-17 upon the dormancy period on properties and their distributions. • Responses received from the States are updated to the Matrix

  5. Direct Inquiries Made to The States beyond the Matrix • Beyond the Surveys our membership routinely interacts with and queries State representatives for specific points of clarification. • Responses to points of general interest are shared with the STA Membership via the Newsletter or updated to the Matrix

  6. Meetings • The Committee has held a few meetings but the full impact will not be realized until: • The frequency of meetings increase to a monthly schedule-Buonomo and Ward responsibility to organize • The membership attend in full numbers and with full participation-All of our responsibility

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