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Under the Uniform Commercial Code and modern stock exchange systems, stock is not issued in the traditional manner, but rather is held by a series of proxies. Retail investors hold "beneficial securities entitlements" which are matched to stock held in the name of DTC nominee Cede Co on the books of the underlying securities issuer. So if Bob is a retail investor in GOOG, Google sees Bob's shares in Google's stock register under street name. Google has no idea that Bob holds Google stock. Bob's brokerage's custodian bank is responsible for matching the rights in Google held by the stock exchange up to the rights of Bob as beneficial owner. The custodian must relay to Bob the proxy papers for stockholder meetings and dividends and so on as Bob demands.
A custodian bank functions as a securities intermediary in the holding chain for securities held in street name. It is a type of proxy that is expedient for stock brokers or large investors. After clients negotiate trades of securities, the clients' custodian handles the actual settlement of securities transactions by effecting changes of securities ownership in the stock exchange securities registers run by the DTC.
What else can I help you with?
Can a bank be a custodian for real estate in an IRA?
A bank could be a custodian but most (if not all) are not set up to be nor are they willing to do so. You will need to use a custodian specializing in self-directed IRAs.
How can i get print out of last childsupport payments sent to custodian parent?
By asking your bank for a statement if you made it through the bank.
Who is custodian of records for Bank Of America located in AZ?
i have no idea good question
What parties involved in mutual fund?
(1) A Mutual Fund promoter company: Their role is to settle a Trust owning all fund assets. That trust will invest all fund money in the name of the trust. (2) Trustee of Mutual Fund: Trustee has to be a bank. (3) Fund Manager: Their role is to invest and daily operations. They are investment advisers approved by Capital Markets Authority/Securities Exchange Commission. (4) Custodian: Custodian holds custody of all the assets of the fund. They have to be a bank or approved institution authorized to act as Custodian by Capital markets Authority/ Security Exchange Commission. (5) In addition Investment Banks/Brokers will be retained to market the Mutual Fund. Their role is to get subscription into the fund.
What bank account would children open?
A savings account with a parent as custodian. You have to be 18 to have your own account.
What are the responsibilities of an IRA Custodian?
The responsibilities of an IRA Custodian are to manage money for retirement, generally at a bank. This generally works by someone working for 20 years, and having enough money to cover them for another 15 years.
What is the General term for janitor?
Janitor. Or custodian.
What does IRA FCC As Custodian mean?
"Ira FCC As Custodian" refers to a situation where an Individual Retirement Account (IRA) is managed by a financial institution, such as a bank or brokerage, that acts as the custodian. The custodian is responsible for holding and safeguarding the assets within the IRA, ensuring compliance with IRS regulations, and facilitating transactions. This arrangement allows individuals to invest in a range of assets while benefiting from the tax advantages of an IRA.
Where can one perform custodian work in the US?
Most public buildings, such as, schools, hospitals, retirement homes and libraries have custodians in the United States. The role of the custodian is to ensure that the building and surrounding environment are kept clean and tidy.
When was The Custodian created?
The Custodian was created in 1993.
Upon change of custodian the outgoing custodian must conduct a joint inventory with whom?
Incoming Custodian
What is the role of the negotiating bank under the letter of credit?
the role of negotiating bank
