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Financial Institution Letters

February 07, 2014

Paying Agent Notification Requirements

Printable Format:

FIL-8-2014 - PDF (PDF Help)


On January 23, 2013, the Securities and Exchange Commission (SEC) amended Exchange Act Rule 17Ad-17 to implement the requirements of Section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203. The amendments add to Rule 17Ad-17 a requirement that "paying agents" send a one-time notification to "unresponsive payees" stating that the agent has sent a securityholder a check that has not yet been negotiated. The effective date for the amendments is January 23, 2014. Therefore, the first potential notice to unresponsive payees would be due no later than August 23, 2014.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised financial institutions.


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