Securities Transfer Association

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