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This quarterly compliance newsletter provides an in-depth view and analysis of unclaimed property regulations and how they impact mutual funds and corporations. Editorial coverage of ongoing legislation changes, legislative summaries of passed and proposed law, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.
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Litigation Update - Bifurcation, Estimation and Other Issues
By: Laura Lane, Keane’s UPSD Vice President
Over the course of the last year, while assisting our clients with managing Delaware unclaimed property audits, Keane consultants observed an interesting development: bifurcation. Historically, audits concluded with the issuance of a Report of Exam (ROE) which detailed the auditor’s findings of actual and estimated liability for all property types for the entire exam period. In 2009, our clients began receiving ROE’s at the conclusion of the auditor’s examination of certain property types - disbursements for instance, while the examination continued for other property types such as accounts receivable, benefits, inventory, rebates, gift certificates, etc. In essence, the state bifurcated the audit. More recently the ROE/Demand for Payment is additionally broken down into estimated/extrapolated liability for non-base years and property due to audit states based on last known address.
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Covering Broker-Dealers: Dodd-Frank’s Expansion of Regulation 17Ad-17
By: Timothy Holwick, Keane’s Compliance Associate
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was signed into law by President Obama on July 21, 2010. The Act has two main goals: restoring public confidence in the financial services industry, and preventing another financial crisis through greater oversight.
Unclaimed Property Compliance Options
By: Janea Matchett, Keane’s UPSD - Senior Manager
A question many holders face, whether upon completion of an initial compliance campaign or at some interval soon thereafter, is how to manage the complexities of maintaining compliance in a cost effective, efficient manner. The quandary begs questions of internal resources, compliance software purchases and outsourcing processes to external providers. There are benefits and burdens of either selection so the questions are probably best answered upon considering the holder’s ability and capacity to manage the process and whether internal resources are adept at understanding and maintaining awareness of the myriad of state reporting requirements.
IN THE NEWS—Significant Changes to Delaware’s Escheat Laws
On July 23, 2010, the Governor of Delaware signed SB 272 into law, providing for several amendments to the Delaware Escheat Law.