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Minimize Risk. Maximize Investor Satisfaction.

Strategies to maintain unclaimed property compliance.

Minimize Risk. Maximize Investor Satisfaction.

The Fall unclaimed property compliance reporting cycle is just around the corner. Now more than ever companies must ensure compliance to avoid penalties and protect the interests of their shareholders. Is your organization where it needs to be?

State audits are getting more aggressive.

From the mid-1980s until a few years ago, unclaimed securities reporting was conducted almost exclusively in a voluntary manner. During the same period, interest and penalties for delayed reporting were typically waived.

Around 2011, however, everything started to change. The state of Delaware began expanding preexisting general ledger audits to also include an involuntary examination of securities property. Other participating states followed Delaware’s initiative. Strapped for cash, states have become increasingly aggressive in auditing and enforcement because unclaimed property can be seized and treated as revenue.

There’s a heavy onus on issuers to connect with shareholders. Under applicable law, states may take possession of unclaimed securities and uncashed checks. When issuers have no contact with shareholders over a specified period, this property is declared abandoned.

In our on-demand webinar, Issuer Unclaimed Property Update, you’ll learn why issuers and agents need to rethink :

  • How annual reporting is conducted
  • How shareholder activity and return mail indicators are defined
  • Whether supporting documentation can be produced to validate these indicators

Risks beyond noncompliance and inaccurate reporting.

Even when issuers and agents comply with SEC-mandated search requirements and other statutory due diligence requirements, they may be vulnerable to reputational risk. Issuers are still frequently criticized for not doing enough to stay in contact with shareholders.

Audits are also time-consuming, expensive and a drain on limited issuer resources. In the last few years, we’re seeing a significant increase in :

  • Cycles of ad-hoc document generation
  • Required account-level research
  • Off-cycle due diligence mailing and response tracking
  • Reporting remittance activities

All of these must be completed in parallel with other day-to-day business operations, greatly complicating even the best-organized compliance process.

To understand the key elements of a state audit and discover ways to make sure your compliance team is ready, watch this webinar covering :

  • Document request basics
  • Timeline issues
  • Audit disputes, remediation and resolutions
  • Current model act and legislative activities impacting unclaimed securities reporting

Take some time with us. By the end, the very complex world of unclaimed-property compliance won’t seem quite so complex.

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