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Securities Transfer Association Abandoned Property Committee.

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Presentation on theme: "Securities Transfer Association Abandoned Property Committee."— Presentation transcript:

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: 1.The frequency of meetings increase to a monthly schedule-Buonomo and Ward responsibility to organize 2.The membership attend in full numbers and with full participation-All of our responsibility

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