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Question

What is a DRS Statement?

Answer

Eventually all US/Canadian stocks will be held in DRS (Direct Registration) format. This basically means the shares are held electronically rather than in certificate format.

In order for us to add these electronic shares to a your Foreign Dealing Account (FDA) you must send us in your DRS statement for the holding. The statement must be an original and it should be dated within that last three months. This statement must display the following information:

1. Clients Name
2. Amount of shares held
3. Account Number (or Account Key)
4. TIN or SS number (Tax Identification number or Social Security Number) - This info is not always displayed on the statement, however, if you are aware of this information you should provide it with the request, as the Counterparties will often reject these trades if we have not supplied the TIN or SS number.

Once a statement has been received with a request to add these share to a FDA account, we input the trade onto the system.

US/Canadian transfer forms are not required with DRS statements.

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