SIFMA Issues White Paper on Unclaimed Property: Compliance Obligations (Escheat) and Challenges for Broker-Dealers

SIFMA issued a white paper titled, "Unclaimed Property: Compliance Obligations and Challenges for Broker-Dealers," which aims to inform members and investors of the current unclaimed property regulatory landscape.

According to SIFMA, the 50 states and District of Columbia took in $5.8 billion and returned $2.0 billion in unclaimed property in 2011. SIFMA stated that noncompliance with unclaimed property rules and law "risks potential assessments of liability for non-reporting or alleged late reporting of property."

See: SIFMA White Paper: "Unclaimed Property: Compliance Obligations and Challenges for Broker Dealers"; SIFMA Announcement.