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Broker-dealers to search for lost holders of securities under SEC rule
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Investor Protections
Tuesday, January 8, 2013
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The Securities and Exchange Commission unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact.
A similar rule already applied to recordkeeping transfer agents, who are the intermediaries between the clearing house and the broker-dealer. The Dodd-Frank Act tasked the SEC with extending the application of this rule to broker dealers so that broker-dealers have the same obligation.
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