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What are the requirements for participating in the medallion signature guarantee program? – IBA Compliance Connection

IBA Compliance Connection

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What are the requirements for participating in the medallion signature guarantee program?

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The SEC rules governing stock transfer agents allow them to require all signatures to be guaranteed by a guarantor (meaning a banks or other financial institution) that is a member of a “signature guarantee program.” 12 CFR 240.17Ad-15(g). According to the FDIC’s Trust Examination Manual (Section 3, Part II, Subpart G), the only signature guarantee program for bank guarantors is the Securities Transfer Agent’s Medallion Program (STAMP), which is administered by Kemark Financial Services, Inc. When we contacted the STAMP hotline (845-620-9300), the representative we spoke to recommending mailing or faxing a letter on the bank’s letterhead to Kemark Financial Services, Inc., with the following information:

  • A statement that your financial institution’s administrator for the STAMP Program has changed, with the name and contact information (phone number and email address) for the new administrator.
  • A request for copies of any documents or correspondence sent to the previous STAMP administrator at the bank.
  • A request for information on the online certification training required for employees who will be participating in the program.
  • Any other questions, including whether the participants in the program need to be bank officers.

The letter can be faxed to Kemark at (845-620-9340), and the representative we spoke to recommended directing the letter to the attention of Tony Acampora.