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1、Financial Services Technical Guideline Developed By Accredited Standards Committee X9 - Financial Services X9/TG-lO-l994 SIGNATURE GUARANTEE GUIDELINE / Developed by Accredited Standards Committee X9 - Financial Services PUBLISHED BY AMERICAN BANKERS ASSOCIATION X9 - SECRETARIAT Copyright American N
2、ational Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- Copyright American National Standards Institute Provided by IHS unde
3、r license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- Signature Guarantee Guideline Developed by the Accredited Standards Committee X9 - Financial Services operating unde
4、r the procedures of the American National Standards Institute Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license f
5、rom IHS -,-,- O 1995 by the American Bankers Association, Standards Division All Rights Reserved Published exclusively by Washington Publishing Company/ ED1 Suppport Services, Inc. 8613 East Ave., Mentor, OH 44060 Order Desk: 800/334-4912 Printed in the United States of America 1995 Printing No part
6、 of this publication may be reproduced in any form, in any electronic retrieval system or otherwise, without the prior written permission o f the publisher. Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 N
7、ot for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- Contents Page Foreword iii Part 1 : The Importance of Control and Safekeeping of Signature Guarantee Medallions 1 Introduction . 1 1.1 Scopeand purpose . 1 2 Lost or stolen medallions . 2 3 T
8、ypes of financial institutions 2 4 Essential elements 3 5 Examples . 3 6 Identifier numbers 3 7 Conclusion 3 Examples A B Securities Transfer Agents Medallion Program. enrollment documents . 5-9 New York Stock Exchange. Inc . Medallion Signature Program. program procedures . 1 0 STAMP sample notific
9、ation of lost or stolen medallion . 11 SEMP sample notification of lost or stolen medallion 12 Sample notification of lost or stolen medallion 13 C D E New York Stock Exchange. Inc . Medallion Program Part 2: Proper Usage of Signature Medallion Guarantee Stamps 1 Introduction 15 2 Authorized signatu
10、re . 16 3 Mutualfunds 16 4 Surety bondcoverage 16 i Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,
11、-,- Contents continued Examples Page 1 Signature guarantee form . 17 2 Erasure guarantee form . 18 3 Certification affixed to a copy form . 19 4 Certification of valid endorsement form . 20 5 Certification of the situs of the trust form 21 6 Certification of the endorsement when it differs slightly
12、from the registration or legal document form . 22 7 Certification of endorsement as a partner on behalf of a partnership in lieu of a partnership agreement form 23 8 9 10 11 12 Execution guaranteed form 24 name other than presenter form 25 exact wording within the stamp print form . 26 Signature gua
13、ranteed when rights were in Certification affixed to a copy certifies to the Certification used in lieu of an inheritance tax waiver form 27 Certification used when certificates registered in the name of a sole-proprietor was endorsed by someone Endorsement stamp used when the registered security wa
14、s in the name of a member firm of the NYSE . 29 Tax paid stamp when there was sale of stock from customer to customer 30 claiming to be the sole proprietor form 28 13 14 15 16 17 18 19 20 21 New York State tax waiver exemption form 31 Certificate when fanfold or specific shareholder or customer tran
15、sfer instructions are attached 32 New Medallion Signature Guarantee Stamp . 33 New Medallion release power of Substitution Stamp . 34 Instructions to settle mail redemption 35 Instructions to liquidate a fund 36 Instructions to change dividend to capital gains optons . 37 ii Copyright American Natio
16、nal Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- Foreword This technical guideline is a product of the Accredited Standar
17、ds Committee X9 - Financial Services and was generated by the X9D Subcommittee on Securities Standards. Suggestions for improvement of this guideline will be welcome. They should be sent to ASC X9 Secretariat, American Bankers Association, 1120 Connecticut Avenue, N.W., Washington DC 20036. This gui
18、deline was processed and approved by the Accredited Standards Commit- tee X9 - Financial Services. Committee approval of this guideline does not neces- sarily imply that all committee members voted for its approval. At the time it approved this guideline, the X9 Committee had the following members:
19、Harold G. Deal, Chairman Jack Kilhefner, Vice Chairman, Administration Eileen Bell, Vice Chairman, Membership/Marketing Cynthia L. Fuller, Manager, ABA Standards Division Debra Katz, Assistant Manager, ABA Standards Division Organization Represented Name of Representative Advantis . . . . . . . . .
20、. . . . . . . . . . . . . . . . . . . . Lori Eisenstaedt American Bankers Association . . . . . . . . . . . . . . . . . Anne Livingston American Express Company . . . . . . . . . . . . . . . . . . Eileen Bell Applied Communications . . . . . . . . . . . . . . . . . . . . Barry Rhodes AT b) the signe
21、r was the appropriate person to indorse (Section 8-308); and c) the signer had legal capacity to sign. (UCC Sections 8-312(l)(a-) Other sections of the Code may also apply, such as the presentment warranties under Section 8- 306 and liabilities for forgeries under Section 3- 401 and 403. In addition
22、, guarantors insurance carriers may impose additional responsibilities. )See, 17 CFR 5 240.17Ad-15, SEC Release No. 34-30146 (January 6, 1992)(effective February 24, 1992)(The SEC promulgated this rule under the authority of Section 206 of the Securities Enforcement and Penny Stock Reform Act of 2)T
23、he three Programs are the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchanges Medallion Program (“SEMP”) and the New York Stock Exchange, Inc.s Medallion Signature Program (“NYSE Medallion Program”). 3)See, Securities Exchange Act of 1934 (“1934 Act“), Rule 17Ad-l5(g). 4)See,
24、 1934 Act, Rule 17Ad-15(9)(3). 5)Program Administrator for STAMP and SEMP is Kemark Financial Services, Inc. (“Kemark”) and for NYSE Medallion Program it is the New York Stock Exchange, Inc. (“NYSE“). )See, Egon Guttman, Modern Securities Transfers, 3rd Ed. (1987) at 13-3. 1990 (15 USC 578q-l(d)(5).
25、) 1 Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- XSKG-10-1994 This document is meant to educa
26、te guarantors to the importance of safekeeping and controlling me- dallions (hand stamps and/or machine plates) is- sued to them by their Program Administrator and to suggest guidelines for those purposes. It is important for guarantors of a transfer to rec- ognize that once a medallion imprint is a
27、ffixed to a security, the security becomes readily nego- tiable. It is also important to note that the universe of guarantors vary from large broker-dealers and commercial banks to small one or two person financial institutions. The guidelines encom- passed herein take into consideration that guaran
28、- tors vary in the size of their business, the type of financial institution and business they conduct, and have different organizational structures. Therefore, it is not the purpose of this document to set specific universal, detailed guidelines which all signature guarantors must follow, but rathe
29、r to set forth some minimum which all guarantors can consider to provide adequate assurance of re- sponsible care of a medallion. The guidelines are not meant to establish industry standards but rather are to provide areas which guarantors may wish to consider. Guarantors should look to their progra
30、m for specific regulations regarding control and safekeeping of medallions. 2 Lost or stolen medallions The Program Administrators require signature guarantors to report lost or stolen medallions and their serial number(s) to the Program Administra- tor immediately. An example of such notification i
31、ncludes; telephoning the Program Administrator with subsequent written notification sent by fac- simile or mail.7) The Program Administrator then distributes a notice to transfer agents and guaran- tors of the lost or stolen medallion along with the serial number(s). See Examples C, D savings instit
32、utions, credit unions, savings banks, commercial banks, broker-dealers and other financial service institutions. In addition, each organization differs in size - from a few employees to many hundreds or thousands. The different types of business and size dictate the types of guidelines and the numbe
33、r of medallions necessary to adequately conduct the firms busi- ness. The guidelines a firm ultimately adopts should take into consideration these factors so as to insure the smooth operation of the guarantors business. )See, New York Stock Exchange, Inc. Medallion Signature Program, Program Procedu
34、res and Securities Transfer Agents Medallion Program, Enrollment Documents (copies attached). )The NYSE currently distributes notices to both transfer agents and guarantors. Kemark currently sends notices to just transfer agents but will start sending notices to NYSE Medallion Program guarantors. Sa
35、mple notifications from STAMP, SEMP and the NYSE Medallion Program are attached. )STAMP and SEMP are currently evaluating whether identity numbers should be mandatory. 2 Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN Ship Repair Facility Yokosuka
36、/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- X9RG-1 -1994 4 Essential elements It is suggested that firms have in place guidelines addressing the control and safekeeping of their medallion(s). These guidelines should includ
37、e two elements important to establishing a workable pol- icy: (1) designation of responsibility for the control and safekeeping of the medallion(s), and (2) des- ignation of one or more control location(s) for storage of the medallion when not in use. Depending on the size and type of financial inst
38、i- tution and the requirements of the institutions insurance carrier, these guidelines may or may not be documented. It should be noted that sound business practices and advice of legal counsel will be important factors in the development of a firms policy. 5 Examples In the case of larger instituti
39、ons, more complex organizational structures or guarantors which have more than a few medallions, guidelines may be more detailed, depending on the individual structure and needs of the particular financial in- stitution. The guidelines should be reasonable to ensure the safekeeping and control of th
40、e medal- lion in light of the guarantors individual facts and circumstances. Below is a list of examples which a firms guidelines may wish to address: Procedures to ensure that medallions are in proper safekeeping storage at the end of the business day. That authorized individuals may be respon- sib
41、le for the physical control of a medallion. Actions to be taken if the medallion is lost or stolen. Procedures for notifying the Program Admin- istrator of a lost or stolen medallion. Actions to be taken if a missing medallion is found after it has been reported lost or stolen to the Program Adminis
42、trator. 6 Identifier numbers The Programs provide that an identifier number can be placed on signature guarantors medal- lions. It is strongly recommended that all guaran- tors utilize an identifier number (possibly utilizing branch and other unique information) for their medallions, regardless of w
43、hether they have just a few medallions or many hundreds. This will provide transfer agents with a means of differenti- ating a reported lost or stolen medallion from other medallions the guarantor maintains which are still in full force and effect.lO) 7 Conclusion It should be stressed that the reco
44、mmendations contained herein are not mandatory for any indi- vidual signature guarantor and guarantors guide- lines will be dictated by sound business practices, insurance requirements and advice of legal coun- sel. In some cases they may differ or not apply at all. The intent of this document is to
45、 provide a framework for guarantors to review issues of con- cern and establish guidelines which address the individual needs of their respective firms. l)An example will illustrate the importance of identifier numbers: Guarantor with 500 medallions, with no identifier numbers, has one medallion los
46、t or stolen. Guarantor reports the medallion to the Program Administrator which sends out a notice. There would be no way to distinguish between the guarantors one lost or stolen medailion and its 499 valid medallions. 3 Copyright American National Standards Institute Provided by IHS under license w
47、ith ANSI Licensee=USN Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- X9/TG-10-1994 Blank page 4 Copyright American National Standards Institute Provided by IHS under license with ANSI Licensee=USN
48、 Ship Repair Facility Yokosuka/9961031100 Not for Resale, 05/08/2007 20:31:53 MDTNo reproduction or networking permitted without license from IHS -,-,- XS/TG-10-1994 Example A K E M A R K FINANCIAL K SERVICES, INC. / s T A M P * / / Page 1 of 5 Date, 1994 Contact Name Company Name Address City 2. To safeguard and control at all times the STAMP equipment provided to you, and to notify the Program Administrator immediately in the event of the