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Off market transfer

Discussion in 'Accounting, Tax & Legal' started by RobertHolmes, 12th Mar, 2009.

  1. RobertHolmes

    RobertHolmes Member

    Joined:
    10th Nov, 2008
    Posts:
    17
    Location:
    Sydney, NSW
    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
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    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
     
  3. RobertHolmes

    RobertHolmes Member

    Joined:
    10th Nov, 2008
    Posts:
    17
    Location:
    Sydney, NSW
    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
     
  4. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Robert,

    The contract date would be the date on the off market transfer. Not the actual settlement/physical stock movement date.

    Cheers,

    Dan