Delaware Updates Securities Reporting Instructions

Effective immediately, Delaware has recently changed its custodian for the reporting of securities to Wells Fargo Advisors. Any holders reporting and remitting securities to Delaware should follow the updated instructions that are available in the state's Holder Reporting Guide (page 40), and, in part, below:

Five days prior to delivery of securities, holders must email their intent to deliver to Delaware’s custodian via an Excel Document containing the issue name, CUSIP, ticker symbol, number of shares, and the delivering party’s DTC participant number and/or delivering party’s information. Please email the Excel list to Delawarecustody@kelmarassoc.com and escheat.holderquestions@delaware.gov.

All reported shares should be delivered via ACATS using the following instructions:
Wells Fargo Clearing Services, LLC
ACATS Participant #0141
Reference: State of Delaware Main Account
Account # 3294-9051

Worthless or Non-transferable securities should not be reported until the securities become transferable or have gained value. Non-transferable securities with value should be liquidated by the holder, and then reported and remitted as the cash proceeds.

By way of further reminder, holders reporting securities should have controls and procedures in place to ensure the following, as the state has observed a recent increase in these issues in securities reports:

• Pay or deliver property “contemporaneously” when reporting (12 Del. C. sec. 1152(a) (recently amended by S.B. 267));
• Report accurately only the securities intended to be reported;
• Do not report or remit worthless or non-transferable securities, until they become transferable or have gained value;
• Liquidate nontransferable securities with value, and report and remit the cash value;
• Do not report or remit OFAC-restricted property;
• Transfer shares only to the State’s Main securities account and do not create or transfer shares to “house” accounts; and
• Timely respond to all follow-up requests by OUP staff to resolve reporting issues.