Hi all, How long after a secirity transfer has been effected does the seller have to announce it to the registry? As background, my parents are gifting some shares to a DFT & the trust is yet to obtain a CHESS sponsor (and HIN). Cheers, Robert
Hi Robert, First you've got to figure out if you are going to ultimately be Issuer Sponsored (SRN) or Broker Sponsored (HIN). If you are going to be Issuer Sponsored the share registry will do the off-market transfer. If you are going to be Broker Sponsored (HIN) the sponsoring broker will do the off-market transfer. Your also talking about the sale of shares (ie contract/trade date) vs settlement date. It is only actually transferred once the share registry/broker transfers the stock into the new owners registration details. Until then the dividend cheques are still going to be in the name of the current registration details. Cheers, Dan
Hi Dan, Thanks for your swift reply. It's a timing issue regarding the filling in & sending the off-market transfer form to the current registry. Could, for instance, Mum report a transfer today which, for centrelink purposes, we want to report as being gifted last week? Last month? Does that make sense? Cheers, Robert
Hi Robert, The contract date would be the date on the off market transfer. Not the actual settlement/physical stock movement date. Cheers, Dan
