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SEC Tells Mutual Fund Industry: Lost Accountholders Matter

October 17, 2023 By Chris Kentouris Leave a Comment

Compliance directors at US mutual fund transfer agents and US mutual funds will have to follow the US Securities and Exchange Commission’s rules to a T and they will have more administrative work on their hands to inform investors about the perils of escheatment of unclaimed or “lost” accounts,  based on the US Securities and […]

Filed Under: Compliance, Funds, Investors, Reporting, Rules, Rules Tagged With: Compliance, Escheatment, Fund Ops, Reporting, SEC, Unclaimed

COVID-19 Spurs Banks, Brokers to Reclaim “Lost” Assets

February 11, 2021 By Chris Kentouris Leave a Comment

The COVID-19 pandemic is prompting a shakeup in the mundane world of unclaimed property reporting operations and compliance. Instead of simply focusing only on escheating accounts of lost investors and customers to state coffers, US banks and broker-dealers are now trying to recover funds and accounts belonging to their institutions, say unclaimed property operations managers. […]

Filed Under: Compliance, Investors, Rules, Unclaimed Tagged With: Data, Regulations, Reporting, Unclaimed

Unclaimed Cryptocurrencies: New Legal, Ops Headaches?

November 18, 2019 By Chris Kentouris Leave a Comment

States might soon make a real claim on unclaimed virtual currency accounts, forcing digital asset custodians and exchanges to address murky statutes and potential legal liability. “States have a good nose to smell just which industry isn’t compliant with their escheat laws and could target the cryptocurrency market,” cautions Robert Peters, managing director and head […]

Filed Under: Compliance, Investors, Rules, Unclaimed Tagged With: Compliance, Escheatment, Regulators, Reporting, Unclaimed

Unclaimed Assets: New Rules, New Ops Headaches

July 26, 2017 By Chris Kentouris Leave a Comment

Shareholder recordkeeping managers will soon need to change their procedures and back-office systems to comply with new state regulations and, potentially, a Supreme Court decision affecting unclaimed accounts. The assets in those “lost” accounts can help states close budget deficits, so states will do whatever it takes to get their hands on the money. Delaware […]

Filed Under: Compliance, Investments, Investors, Regulations, Rules, Slider Tagged With: Compliance, Investment Ops, Regulators, SEC, Unclaimed

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