Regulatory Alerts2025-06-05
Circular on the Treatment of Unclaimed Dividends of Public Companies
The Securities and Exchange Commission clarifies that unclaimed dividends of public companies older than twelve years are no longer statute-barred and must be transferred to the Unclaimed Funds Trust Fund after six years under Section 60 of the Finance Act 2020. The Commission directs public companies and their registrars to immediately honor shareholder claims for these dividends, effective December 31, 2020, while the Federal Government establishes the trust fund. Entities must comply without delay and submit periodic reports according to the Commission’s prescribed rules and regulations.
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