February 21, 1992
TO: SEC RULES MEMBERS NO. 7-92
OPERATIONS MEMBERS NO. 7-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 8-92
RE: MATERIALS RELATED TO SIGNATURE GUARANTEE RULE
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The Institute recently sent you a synopsis of new Rule
17Ad-15 under the Securities Exchange Act of 1934 and a summary
of a special meeting of the Transfer Agent Advisory Committee to
address compliance options (see ICI Memorandum to SEC Rules
Members No. 6-92, Operations Members No. 6-92, and Transfer Agent
Advisory Committee No. 7-92, dated January 7, 1992).
Enclosed for your information, as promised, are materials
describing the STAMP program and a model set of written standards
developed by the Securities Transfer Association (STA). The STA
model standards are being provided strictly for your information
and are not endorsed or recommended by the Institute. As
expected, they rely heavily on the wide acceptance of STAMP in
the guarantor community. In addition, the STA model has not been
reviewed by the SEC staff.
The SEC staff has provided further clarification of the
recordkeeping requirements under the rule. The rejected items
that must be maintained in a separate record for three years are
limited to those items rejected because of a problem with the
signature guarantee or the guarantor institution.
We will keep you informed of developments.
Donald J. Boteler
Assistant Vice President -
Operations
Enclosure