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FINANCIAL MARKET COURSES

Registrar & Transfer

The maintenance of accurate and timely recording of security registration is important as it affects entire post-trade operations. From processing dividend payments to security holders in relation to major corporate actions, the ability to control and identify who actually owns a security cannot be underestimated.

This course looks at the registration of the securities and, in particular, the role played in that process by registrars and transfer agents. The distinction between bearer and registered securities is explained, as well as the key differences between securities registered in the names of beneficial owners and those registered in nominee names. The functions of various other agents – many of which are performed by custodians – are described in detail, along with the requirements for the different types of security registration.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Recognize the different forms of security ownership that may be maintained and the requirements for the various types of security registration

    Describe the role of a custodian when acting in the capacity of transfer agent, paying agent, or agent for corporate actions

    Understand the reasons why issuers convert domestic shares to depositary receipts

  • COURSE OUTLINE

    Topic 1: Security Registration

    Role of Transfer Agents & Registrars

    Bearer Securities

    Registered Securities

    o Beneficial Owner Registration

    o Nominee Registration

    • Types of Nominee

    Registered to Principal Only

    Immobilization of Securities

    Dematerialization vs Immobilization

    Registration Requirements

    o Individual Registration

    o Joint Registration

    o Corporate Registration

    o Partnership Registration

    o Trust Registration

    o Custodial (or Fiduciary) Registration

    o Transfer on Death Registration

    Topic 2: Custodians as Agents

    Custodians as Agents

    o Custodians as Transfer Agents

    o Custodians as Paying Agents

    • Determination Agents & Calculation Agents

    o Custodians as Agents for Corporate Actions

    Topic 3: Depositary Receipts

    What is Depositary Receipt?

    Conversion Process

    Transfer & Servicing

    Potential Concerns for Custodians

    Arbitrage

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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