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Does anyone know what SIMRA is?

Client is trying to get some securities owned by an estate s skepticmadenotborn12/04/18
Are you (slash the client) sure the brokerage didn't mean "F jaredj12/04/18
Where is the estate located? The only SIMRA I am aware of i bittersweet12/04/18
skepticmadenotborn (Dec 4, 2018 - 9:54 am)

Client is trying to get some securities owned by an estate sold, is being told by the brokerage that they can't be sold because of SIMRA. Is that some kind of securities law?

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jaredj (Dec 4, 2018 - 10:34 am)

Are you (slash the client) sure the brokerage didn't mean "FINRA"?

Having gone through the same hassle, the biggest hurdle was getting a medallion signature guarantee to actually effect the transfer of the securities from the decedent's personal account to the estate account. It is basically like a special notarization that only certain financial institutions will do (I have used Bank of America and CapitalOne successfully). Google it for more specifics.

Once the securities are titled in the name of the estate, the personal representative should be able to sell/negotiate without issue.

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bittersweet (Dec 4, 2018 - 12:19 pm)

Where is the estate located? The only SIMRA I am aware of is the European program.

http://www.simra-h2020.eu/

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