Policies and Instructions
Information about upcoming voluntary corporate actions is available within Portal. Our Voluntary Corporate Actions Tool is accessible from via the Help > Support Center menu item in Portal. From Support Center, scroll to the Corporate Actions Manager link. For detailed information on how to submit instructions through the Voluntary CA Election tool, visit our FAQ.
In the event an open voluntary corporate action is not available through the Voluntary CA Election tool, instructions to participate in the offer should be submitted by creating a Web Ticket by logging in to Portal, clicking the Help > Secure Message Center menu item, and clicking Compose > New Ticket > Category = Account Services > Topic = Corporate Actions/Dividends.
In the text of the request you must state the issue or description of the security (name and symbol) and the quantity that you wish to tender or exercise (you cannot simply say "all," you must state an exact amount).
After we receive the completed instructions, you will receive confirmation of receipt of your instructions within one business day. If you do not receive confirmation, you must contact Client Services.
Please note that submission of more than one ticket for the same voluntary offer may result in the account being over-subscribed to an offer.
Please note that in some regions, we must submit instructions to our clearing agents earlier than the deadlines typically announced within the offer documents. This is typically the case in regions where instructions may not be submitted electronically. To ensure processing of voluntary corporate actions, please note the deadlines by region.
Instructions should be submitted as follows:
Instructions should be submitted 5 days prior to the expiration of the offer.
We do not currently support elections submitted via Guaranteed Delivery. All elected shares must be settled by the broker's stated election deadline.
Instructions should be submitted by 12:00 ET the day prior to the expiration of the offer.
Instructions submitted after the above stated deadlines are handled on a “best-efforts” basis.
Australian Subscription Rights: For the purposes of calculating a client's rights entitlement to participate in rights issues, at the time of submission of the election to the street, the broker will round down fractional entitlements to, if less than 1, zero, and if greater than 1, the nearest whole number. For example, in a 1:10 rights issue, if the client holds less than 10 shares of the issuer, then when the broker determines a client's rights entitlement it will round down to zero; If a client holds between 10 to 19 shares, the broker will round down to 1.
To participate in a rights issue, elections must be submitted via the Voluntary Corporate Actions tool in Portal. We no longer accept Web Tickets that request to round up fractional entitlements.
Canadian Redemptions: For Canadian securities that offer a monthly redemption / retraction privilege, holders should submit a Web Ticket with instructions to submit their shares. Tickets should include the security symbol and exact quantity you wish to submit for redemption / retraction. Monthly redemption / retraction information is not provided in the Voluntary Corporate Action Tool.
US / Canada Warrants: Clients requesting to exercise US or Canadian warrants should submit a Web Ticket stating the name/symbol of the warrant, the quantity of shares and the intended action (i.e. exercise). The broker will pass through all associated exercise costs to the customer upon completion of the request. US or Canadian warrants are not eligible for auto-exercise at expiration. Warrants remaining in an account at expiration will be removed as worthless.
US Issues Only Exercising Appraisal Rights: If a client wishes to exercise appraisal rights on a proposed merger consideration, the request should be submitted via the Portal Secure Message Center.
Due to the manual nature involved in processing such requests, the following must be met to ensure processing:
Any request that does not meet the above criteria will be handled on a best-efforts basis and we cannot guarantee that the request will be processed. In addition, it is possible that only a portion of the shares requested may be exercised in such instances.
Please be aware that upon receipt of the signed Appraisal Letter from DTC, we remove the position from your account. Accounts that do not have sufficient equity after the position is removed may risk liquidation. Accounts should ensure they maintain funds in the account to pay for the processing fees.
Please click here for information on the current cost to exercise appraisal rights.