What is a DRS deposit?
The D.R.S. or Direct Registration System allows shareholders to hold their registered owned securities in electronic book form at the transfer agent, instead of having a physical certificate. Using the Direct Registration System you can deposit shares from the transfer agent electronically (if the transfer agent is a participant).
What is the fee to process a DRS transfer?
The DRS fee is $30 plus a Transfer Agent fee ranging from $0-$150 per request.
What are the advantages of processing shares electronically as opposed to depositing a physical certificate?
Processing shares electronically can save on time, fees and risks associated with a lost certificate.
I want to make a DRS deposit of shares I own. What is the next step?
You will first need to make contact with a broker here and discuss the details of your transaction. The broker will have you complete an Equity Deposit Questionnaire or the Quick Facts Questionnaire. See Guidelines for Depositing OTC Securities. Once our compliance department has approved your transaction you can then open an account, or if you have one already open, you will complete a DRS Request Form and provide us a statement (dated within 3 months) from the transfer agent showing the shares that you are requesting. Your statement must include your investor ID number. If any of the information does not match the agent information, the agent may charge a $75 reject fee or more. You will then need to wait an additional 48-72 hours after the initial request before sending another.
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