Exam Alert: SEC proposes amendment requiring broker-dealers to search for missing securityholders

On March 18, 2011, the SEC proposed an amendment to Rule 17Ad-17, which currently requires transfer agents to look for Continue reading

On March 18, 2011, the SEC proposed an amendment to Rule 17Ad-17, which currently requires transfer agents to look for missing holders of securities.  The amendment would extend this obligation to broker-dealers.  Two database searches are required: the first one must occur three to twelve months after the securityholder becomes lost, and the second one must take place six to twelve months after the first search.

http://www.sec.gov/rules/proposed/2011/34-64099.pdf

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