78-10
78-10
March 23, 1978
Re: Opinion Regarding Financial Code Sections 106 and 1503
Dear Ms. ________:
Thank you for your letter of March 10, 1978.
In your letter you ask whether or not an out-of-state national banking organization which desired to contract with a trust company located and licensed in California, for purposes of acting as the national bank’s stock transfer agent in California, would require licensing in California of the national bank as a stock transfer agent. It is the Department’s opinion that no provision of the State Banking Law requires the registration of a transfer agent in California. However, it should be noted that as a result of the Securities Acts Amendments of 1975, transfer agents are now subject to registration with, and regulation by, the Securities and Exchange Commission, and various bank regulatory agencies. For the appropriate regulatory agency of a transfer agent, I suggest you see the Securities Exchange Act of 1934, Section 3(a)(34)(B).
I trust this answers your inquiry. If I can be of further assistance to you, please do not hesitate to contact me.
Very truly yours,
CARL J SCHMITT
Superintendent of Banks
By
Joseph W. Russell
Counsel
JWR/idk
March 10, 1978
Joseph W. Russell, Esq.
State Banking Department
235 Montgomery Street
Suite 750
San Francisco, CA 94104
Dear Mr. Russell:
During our telephone conversation today I asked you whether or not an out-of-state national banking organization which desired to contract with a trust company located and licensed in California, for purposes of acting as the national bank’s stock transfer agent in California, would require licensing in California of the national bank as a stock transfer agent. You responded to my question by stating that the State Banking Department has a written opinion on the matter holding, under similar circumstances, that stock transfer activity in California does not require licensing. Although that specific opinion is for internal use only and may not be circulated publicly, you kindly offered to supply me with your own similar written opinion on this matter. I am now asking you to do so at your earliest convenience.
Thank you for your guidance and consideration.
Sincerely,
KMD/gm