March 2010

Keane appointed as securityholder search provider

CIBC Mellon has appointed the Keane Organization (Keane) as its new U.S. securityholder search provider.

Under SEC Rule 17Ad-17, transfer agents have an obligation to “take reasonable care” to search for lost securityholders with two attempts at zero cost to the holders.  A securityholder is deemed to be lost if correspondence issued to a holder’s address of record is returned as undeliverable on consecutive attempts.

Keane’s dedicated shareholder search software, SCORE 17Ad-17, allows us to easily demonstrate to auditors and regulators that we are in full compliance with SEC requirements.  SCORE 17Ad-17 is a risk management tool that provides 24-hour tracking, easily accessible reports and a complete audit trail of Keane’s search activities.  The tool also includes a vendor assessment feature which allows us to measure Keane’s service according to customized criteria.

In addition, controls are in place at all levels of Keane’s operations to ensure data security and information privacy, and Keane provides client support throughout the search process with responsive day-to-day communication.
 

CIBC Mellon began using Keane’s search services for lost U.S. shareholders in February.

 
By Deon West, senior manager, securities transfer & corporate restructures

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Inform is provided for general information purposes only and CIBC Mellon Trust Company, CIBC Mellon Global Securities Services Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, tax, accounting, investment, financial or other professional advice nor is it intended for such use.