Printer Friendly

Orders exempting bank transfer agents affected by Hurricane Katrina.

The federal banking agencies announced on September 28, 2005, the issuance of orders granting emergency relief to bank transfer agents affected by Hurricane Katrina. The orders cover national banks, state member banks, state nonmember banks, bank holding companies, and bank subsidiaries. The relief applies retroactively for the period beginning August 29, 2005, through October 17, 2005.

Transfer agents maintain records related to the issuance and transfer of securities and provide operational assistance in the sale and transfer of ownership of securities. These agents also may disburse dividends and send corporate information, including proxies, to holders of securities. The storm and its aftermath have resulted in a lack of communications, facilities, and available staff, that could hamper the efforts of transfer agents to access securities, records, and funds, and to process securities transactions.

To address compliance issues caused by Hurricane Katrina and its aftermath, the orders conditionally exempt banks, bank holding companies, and bank subsidiaries acting as transfer agents from compliance with section 17A of the Securities Exchange Act of 1934. These orders, which are being issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, complement an order issued by the Securities and Exchange Commission on September 15, 2005, that exempts transfer agents under the SEC's jurisdiction from the requirements of section 17A of the Securities Exchange Act of 1934.

Any transfer agents or other persons requiring additional assistance are encouraged to contact staff at the agencies for individual relief or interpretive guidance.
COPYRIGHT 2005 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Announcements
Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 22, 2005
Previous Article:Proposal to expand the definition of a Small Bank Holding Company.
Next Article:Waiver of appraisal requirements for financial institutions affected by Hurricanes Katrina and Rita.

Related Articles
Exempt storm victims.
Regulators weigh in with policies related to Hurricane Katrina.
To help dig out, dig deep.
Rebuilding after Katrina.
New white paper outlines mold-resistant building techniques.
The IRS announced that taxpayers affected by Hurricanes Katrina and Rita can request relief simply by writing "Hurricane Rita" or "Hurricane Katrina"...
Surviving Katrina: tax breaks for victims of the costliest catastrophe in American history.
Grassley recovery plan includes charitable reform.
AICPA, profession offer strong response to Hurricane Katrina.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters