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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

Securities Transfer Association

Abandoned Property Committee

reason for the 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
    • Penalties and/or interest fines for failure to properly report
  • Supplementing understanding of the Statutes and engagement of the States in seeking clarification
goals of the committee
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
the sta abandoned property matrix
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
direct inquiries made to the states beyond the matrix
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
meetings
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