What has the Pandemic Meant for the Shareholder Services Community?
Friday, June 26, 2020
The COVID-19 pandemic has disrupted nearly every aspect of life and affected every industry. Like so many others, the shareholder services community faced the immediate challenge of adapting to a work-from-home model. With little time for planning, professionals were faced with figuring out changes to their processes regarding handling physical mail, dealing with medallion guarantees and working with the Depository Trust Company.
Some firms sent everyone home and realized medallion guarantees were in the back office, causing initial panic and confusion. Fortunately, that concern was alleviated when the government deemed financial services as an industry with essential employees, ensuring they still had office access.
While the DTC shutdown of physical securities processing was a disruption, the higher volume of non-physical processing through the Direct Registration System wasn’t affected.
These and other challenges presented by the pandemic will likely continue to affect practices and procedures well beyond the immediate response to COVID-19.
Examine how the industry adjusted and dealt with pressing challenges and the long-term impact during SSA’s upcoming Legal and Regulatory Update webinar. This event will also include insight into virtual annual meetings and the SEC workgroup. Join Kevin Burns and Steven Gargalianos from Computershare and Katie Sevcik from Equiniti on July 9 at 2 p.m. EDT for this insightful discussion, moderated by Nicole Mauney from Duke Energy.