British Columbia Unclaimed Property Procedures
The procedures below apply to all residents of British Columbia
British Columbia has enacted regulations respecting the monitoring, reporting and remittance of unclaimed property. As a securities dealer, Woodstone Capital is subject to these regulations.
Application of Regulations
The Unclaimed Property Act (British Columbia) applies to property if the last known address of the client was in British Columbia and the client's account was opened or the transaction from which the property arose occurred after July 1, 2000. Those seeking information with respect to accounts opened prior to these dates or accounts of non-British Columbia residents should contact Woodstone's Compliance Department at (604) 605-8309 or toll free at 1-888-388-3885.
Triggering Events
In circumstances where the Unclaimed Property Act (British Columbia) applies, the following events will trigger action by Woodstone Capital if the amount at issue is greater than $50: (i) a client's mail is returned to Haywood; (ii) a client's cheque remains un-cashed and outstanding one year after the date of issue; (iii) a client has failed to respond, by the required date, to a requirement to take a certain action by a given date; (iv) a period of one year has passed without a client indicating an interest in property; or (v) a period of five years has passed since the date distribution from an RSP or RIF became mandatory without the occurrence of any of the client increasing/decreasing the principal of the account, the client accepting payment of principal or interest from the RSP or RIF and/or receipt by Woodstone Capital of an indication of the client's interest in the property.
For the purposes of the triggering events described above, a client "indicates an interest in property" when a client provides instructions for a trade, confirms or updates investor profile information, makes an inquiry or confirms an interest with respect to an account to a Woodstone Capital employee. Woodstone Capital’s Action to Locate Client once a triggering event has occurred Woodstone Capital will record the client's name, account number, date of triggering event and nature of the triggering event in a database and Woodstone Capital will use reasonable efforts to locate the client for a period of six months. Woodstone Capital considers reasonable efforts to include one or more of (i) using on-line resources to locate the client; (ii) reviewing other Woodstone Capital accounts related or connected to the client that may have different contact particulars; and/or (iii) attempting to contact the client by telephone and e-mail at the clients last know telephone or e-mail address, as applicable.
If the client has not been located within 12 months of the triggering event, the property will be designated as unclaimed.
Woodstone Capital Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as a member of the Canadian Investor Protection Fund (CIPF).
