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CEF and GTU Certificates

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  • CEF and GTU Certificates

    If I get paper certificates from my US broker for these traded funds, am i right to assume that in the future I would be able to mail them to a broker in Canada and have them sold on the Toronto Stock Exchange?

    Can anyone confirm/deny/elucidate? (Thanks. Sorry if this has been discussed elsewhere in the forums, but I couldn't find it using Search)

  • #2
    Re: CEF and GTU Certificates

    Originally posted by qwerty View Post
    If I get paper certificates from my US broker for these traded funds, am i right to assume that in the future I would be able to mail them to a broker in Canada and have them sold on the Toronto Stock Exchange?

    Can anyone confirm/deny/elucidate? (Thanks. Sorry if this has been discussed elsewhere in the forums, but I couldn't find it using Search)
    Don't have an answer to your question, but a couple months ago I sent in the forms to my online broker to transfer my CEF and GTU shares to a "transfer agent", which is not the same as asking for paper certificates but along the same lines. They responded that those funds were frozen for transfers. I don't know if that was a temporary situation and whether that has changed or not, and if things might be different if you are requesting paper certificates. Anyway just an FYI.

    I talked about it here

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    • #3
      Re: CEF and GTU Certificates

      I was told a couple of weeks ago from my US broker that they would send me my CEF certificate for a fee of $100. You may care to ask your broker, "who is doing the freezing" - the company registrar or the broker?

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      • #4
        Re: CEF and GTU Certificates

        Originally posted by qwerty View Post
        If I get paper certificates from my US broker for these traded funds, am i right to assume that in the future I would be able to mail them to a broker in Canada and have them sold on the Toronto Stock Exchange?

        Can anyone confirm/deny/elucidate? (Thanks. Sorry if this has been discussed elsewhere in the forums, but I couldn't find it using Search)
        The securities commissions in Canada and the USA have some sort of agreement that places severe limits on various cross-border provision of services. And the Canadian regulator has all kinds of idiot rules about brokers acting for non-residents, even when they are Canadian citizens. So who knows what sorts of hurdles you may face. You should check to see if a Canadian broker is legally allowed to act for a US resident.

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        • #5
          Re: CEF and GTU Certificates

          Thanks for pointing that out. But, you are talking about the actual cross-border services, but what about the certificate itself - is it fungible?

          Say that someone takes delivery of a CEF paper certificate from a TSE broker, and another person gets a CEF cert. from their US broker. When we look at those two certificates, is there anything on them except a serial number pointing to a registrar's book entry that points to the country of residence of the OWNER. Or is there something that says that the US cert is some kind of ADR?

          Put another way, if somehow someone in say, Mongolia manages to buy a share of CEF through a US broker, then takes delivery of the certificate. When he wants to sell it, can he sell it on either of the TSE or the NYSE? Or does he have to get it sold on the NYSE?

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          • #6
            Re: CEF and GTU Certificates

            Look up CEF on the web & phone them. You may be able to catch them in the office.

            I spoke to Mr. Spicer one time. Nice guy.

            Originally posted by qwerty View Post
            If I get paper certificates from my US broker for these traded funds, am i right to assume that in the future I would be able to mail them to a broker in Canada and have them sold on the Toronto Stock Exchange?

            Can anyone confirm/deny/elucidate? (Thanks. Sorry if this has been discussed elsewhere in the forums, but I couldn't find it using Search)

            Comment


            • #7
              Re: CEF and GTU Certificates

              If your name & address (matching those on your standard identification - tax returns, phone/utility bills, mailed bank statements) or some other unique identifier is on the certificate (driver's licence number, passport serial number, etc ...), and it is not counterfeit I would assume SOMEONE would honor it.

              Is your concern US Gold confiscation or the broker going belly up?

              Originally posted by qwerty View Post
              Thanks for pointing that out. But, you are talking about the actual cross-border services, but what about the certificate itself - is it fungible?

              Say that someone takes delivery of a CEF paper certificate from a TSE broker, and another person gets a CEF cert. from their US broker. When we look at those two certificates, is there anything on them except a serial number pointing to a registrar's book entry that points to the country of residence of the OWNER. Or is there something that says that the US cert is some kind of ADR?

              Put another way, if somehow someone in say, Mongolia manages to buy a share of CEF through a US broker, then takes delivery of the certificate. When he wants to sell it, can he sell it on either of the TSE or the NYSE? Or does he have to get it sold on the NYSE?

              Comment

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