White Papers

Unclaimed Property: Compliance Obligations and Challenges for Broker Dealers

Summary

 In 2011 (the latest year for which there is complete data), the 50 states and the District of Columbia took in $5.8 billion and paid out $2.0 billion in unclaimed property. Noncompliance with unclaimed property rules and law risks potential assessments of liability for non-reporting or alleged late reporting of property.

This whitepaper, “Unclaimed Property Compliance Obligations and Challenges for Broker-Dealers,” seeks to inform our members and investors of the current unclaimed property regulatory landscape, including the following:

  • Identifying current issues that result from the evolution in business models and practices; 
  • Highlighting the static nature of unclaimed property laws, and the risks that these issues pose; 
  • Stimulating dialogue internally about the best means of addressing these issues and modernizing/improving the regulatory and compliance landscape; and
  • Providing a touchstone for an unclaimed property discussion with customers and clients.  

 

See Also: SIFMA’s Unclaimed Property Resource Center.

 

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