Congress directed the establishment of the Lost and Stolen Securities Program (LSSP) to curtail trafficking in lost, stolen, missing, and counterfeit securities certificates. Rule 17f-1 under the Exchange Act governs LSSP operations. The LSSP consists mainly of a database for securities that have been reported lost, stolen, missing, or counterfeit. The LSSP has two essential parts: “reports” and “inquiries.” Most financial institutions (including exchanges, banks, brokers, clearing agencies, and transfer agents) are required to report any certificates that they discover to be lost, stolen, missing, or counterfeit. These institutions also must inquire of the LSSP about any securities certificate valued at more than $10,000 that comes into their “possession or keeping.” These financial institutions also may voluntarily report or inquire about other certificates.
Don’t Make the Same Mistakes Over and Over Again
In the spirit of Groundhog Day and the movie, our Director’s Take article highlights what mistakes NOT to make over and over again when making investment decisions.
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