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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 l.jpg

Securities Transfer Association

Abandoned Property Committee


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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


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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


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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


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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


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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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