The federal banking agencies today announced 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.
Attachment
Media Contacts:
OCC Dean
DeBuck (202) 875-5770
Federal Reserve Susan Stawick (202)
452-2955