FOREIGN INVESTOR REGISTERED SECURITIES TRANSFER Global Program
The FIRST Global Program is designed to assist registered offshore investors by providing an alternative – in the form of an insurance policy – to replace the Medallion Signature Guarantee required to transfer a security in the U.S. and Canada. In recent years, signature guarantees have been either impossible or extremely difficult and expensive to obtain. U.S. Transfer Agents continue to reject transfer requests from this segment of the investor population because of the lack of a Medallion Guarantee or an acceptable substitute that would permit a transfer by protecting the Transfer Agent when acting on such requests.
In general, the investment vehicles requiring signature guarantees include all forms of equity, debt, and mutual funds. Transfer Agents would, of course, benefit from the insurance protection afforded them when acting upon a request for transfer under the FIRST Global Program; however, the primary beneficiaries of this program will be the disenfranchised investors. The FIRST Global Program, therefore, should be viewed as an “industry/investor” solution, and not aligned with any particular Transfer Agent, securities broker, or any other segment of the financial services industry. We have informed and periodically updated the U.S. Securities and Exchange Commission (“SEC”), who has supported this initiative.
For additional information concerning the FIRST Global Program, please visit the website at: www.firstglobalprogram.com
