Penny Stock Due Diligence Procedures
INTRODUCTION
A principal tenet of securities regulation is the full disclosure of meaningful financial and other information of public companies to investors. The registration process is a key part of this disclosure process, and brokers are generally prohibited from selling or delivering unregistered securities to unaccredited, ordinary investors. To comply with these regulations, IB does not allow customers to sell large blocks of small-cap U.S. or Canadian stocks until it has confirmed the shares are registered and/or exempt from registration, and can be freely traded under applicable U.S. or Canadian securities laws.
Outlined below are the due diligence procedures IB employs to ensure compliance, along with information regarding fees that IB will apply to defer the cost associated with executing them.
BACKGROUND
Registered securities are typically acquired by customers via exchange transactions. In contrast, unregistered securities are typically received through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing start-up capital to the company. While IB can readily determine when a customer purchases securities via an exchange transaction though an IB account, there is no practical way to make that determination when a request to transfer shares into the account electronically from another broker or transfer agent is received. As a result, IB has agreed with its regulators to enact procedures to identify transfers requiring due diligence to ensure that shares are, in fact registered.
PROCEDURES
Upon receipt of an inbound transfer of a large quantity of OTCBB or PINK-listed stocks and any U.S. or Canadian stock trading under $2.00, IB may restrict the customer from selling the stock transferred in and conduct a due diligence review of the transfer.
When this occurs, IB Compliance Staff will inform the customer via email: (1) that Interactive Brokers is conducting a due diligence review for the low-priced securities and (2) that as part of this due diligence review, the customer may be required to provide appropriate documentation establishing the shares are freely tradable.
For US small-cap stocks, customers may generally provide one of the following to establish the shares are freely tradable:
· Documents showing that the shares transferred in have been registered with the SEC (such as an effective S-1 registration statement);
· Account statements or trade confirmations showing that the shares were obtained on a publicly trading exchange; or
· An opinion letter from a large nationally or regionally known law firm with a demonstrated expertise in securities law affirming, among other things, that the shares are tradable.
For Canadian small-cap stocks, customers must provide documentation establishing that the shares transferred in were issued at least four months ago.
DUE DILEGENCE FEE
Note that IB charges a $1,000 Penny Stock Due Diligence Fee to offset the firm’s costs in reviewing and potentially accepting large transfers of U.S. small-cap stocks. (Customers who engage in significant trading activity may be exempt from this fee.) IB will not apply this fee to customers who confirm (through appropriate trade confirmations or account statements) that the transferred shares were purchased on a public exchange.
Customers can elect not to pay this fee and transfer their shares to another broker or leave the shares restricted from trading in their IB account.
The fee must be paid out of the available cash in the customer’s account. IB will not sell shares to cover the fee and we will not charge the fee against the value against the transferred shares.
Please keep in mind that paying this $1,000 fee does not guarantee that the due diligence documents will satisfy IB’s requirements or that IB will allow you to sell the transferred shares. The $1,000 fee is non-refundable, and only ensures that IB will review the due diligence documents the customer provides and consider whether the transferred shares may be sold through IB.
IMPORTANT NOTE: While IB will not allow a customer to sell shares until a due diligence review has been completed and a conclusion made that the shares are registered, customers will not be restricted from transferring the shares out at any time, even if the review has not yet been completed.
How to update the US social security number (SSN) or individual taxpayer identification number (ITIN) on your account profile.
Overview:
How to update the US social security number (SSN) or individual taxpayer identification number (ITIN) on your account profile.
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Background:
If you have been informed or believe that your account profile contains an incorrect US SSN/ITIN, you may simply log into your account management to update this information. There are two sections within your profile which allow for a US SSN/ITIN entry:
1) US tax resident and/or US citizen holding a US SSN/ITIN (IRS Form W9)
2) Non-US tax resident holding a US SSN/ITIN (IRS Form W-8BEN)
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1) To submit this information change request as a US tax resident and/or US citizen holding a US SSN/ITIN (IRS Form W9), please follow these steps:
STEP #1: Log into account management: https://gdcdyn.interactivebrokers.com/sso/Login
STEP #2: Navigate to:
--> Manage Account
--> Account Information
--> Tax Information
--> Tax Forms
STEP #3: Click on "Update Tax Forms"
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STEP #4: On the Tax Form Collection page, scroll to the bottom under "Tax Residency," to (1) verify the current SSN/ITIN and (2) enter the correct SSN/ITIN:
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STEP #5: Verify W9 tax form, save & continue.
STEP #6: Confirmation of information change submission. If supporting documentation is required to approve your information change request, you will receive a message. Otherwise, your information change request should be approved within 24-48 hours.
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2) To submit this information change request as a Non-US tax resident holding a US SSN/ITIN (IRS Form W-8BEN), please follow these steps:
STEP #1: Log into account management: https://gdcdyn.interactivebrokers.com/sso/Login
STEP #2: Navigate to:
--> Manage Account
--> Account Information
--> Tax Information
--> Tax Forms
STEP #3: Click on "Update Tax Forms"
STEP #4: Verify all information and click "Continue" on "Tax Form Collection" page.
STEP #5: On the "Self Certification of Tax Residencies (Substitute W-8BEN), scroll to section # 6 labeled "Do you have a US taxpayer identification number?" Click "Yes" and enter your US SSN/ITIN here.
STEP #6: Confirmation of your information change submission. If supporting documentation is required to approve your information change request, you will receive a message. Otherwise, your information change request should be approved within 24-48 hours.
Depositing Shares Held in the Direct Registration System (DRS)
Overview
The Direct Registration System (DRS) allows shareholders to register their U.S. share holdings on the books and records of the issuer in an electronic rather than paper certificate form through the issuer’s designated transfer agent. Once held in a DRS account, the shares may then be transferred electronically via the Depository Trust Company (DTC) to your IB account where transactions may take place or where the shares may be afforded margin loan value.
It should be noted that not all shares are DRS eligible. In general, most U.S. exchange traded securities are, but many OTC shares, as well as shares subject to a restriction and therefore held in certificate form, are not.
Transfer Process
To deposit shares held in your DRS account to your IB account you will need to log into Account Management and create transfer instructions. These instructions require that you provide IB with certain information regarding your DRS account (e.g., account number and taxpayer ID) which you will need to obtain from and/or confirm with your transfer agent. It’s important that you provide IB with information which matches that of your DRS account, otherwise your transfer agent will reject the request and you will be charged a rejection fee. Information regarding fees for rejected as well as settled transactions are posted on the website.
Once the DRS account information has been confirmed, log into Account Management and proceed as follows:
1. Select the Funding and then Position Transfers menu options;
2. From the Position Transfer screen, select a transfer method of DRS-Direct Registration System and transfer type of Deposit via the drop-down menus;
3. You’ll be directed to the DRS Transfer screen where the taxpayer ID you’ve provided to IB is displayed. If this does not match that which you maintain for your DRS account, you will first need to reconcile and correct the information so it matches prior to proceeding with the transfer request. Requests submitted with a mismatched taxpayer ID will result in the transfer being rejected by your transfer agent and your account being subject to a rejection processing fee;
4. Enter your DRS account number and click the Continue button. Note that requests submitted with an account number that doesn't match that of your DRS account will result in the transfer being rejected by your transfer agent and your account being subject to a rejection processing fee;
5. Enter the symbol of the security you intend to transfer as well as the share quantity. Note that requests submitted with a symbol not held within or a share quantity which exceeds that held in your DRS account will result in the transfer being rejected by your transfer agent and your account being subject to a rejection processing fee;
6. Enter your electronic signature and click the “Continue” button to confirm your transfer request.
IB will then notify DTC who will match the security to its associated transfer agent and send them notification of your request. Assuming the DRS account and share information you’ve provided is correct, the transfer agent will post the shares for delivery to IB. Note that while transfer requests typically settle within 2 -5 business days, the transfer agent may take longer to respond to the notification and, if no response is received within 30 days, the request will be canceled.
IMPORTANT NOTE
If you are transferring shares from a joint account or are a non-US person, special consideration needs to be provided to the taxpayer ID you provide to IB for matching to your DRS account. In the case of a joint account, the ID will generally be one of the SSNs of the joint account holders or a default value of 999999999. In the case of a non-US person, where no US taxpayer ID exists, a default value of 111111111 is often used. In either case, you will need to verify with the transfer agent the identifier they will recognize for matching purposes. If the transfer agent requests an identifier which doesn’t match one of the elections provided within Account Management, please contact Customer Service for transfer assistance.
NON A.C.A.T. US TRANSFERS
Overview:
To request an inbound or outbound transfer of positions, use the Position Transfers page in Account Management. Position transfers allow us to efficiently identify your incoming funds for proper credit to your account.
NON A.C.A.T. US TRANSFERS
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Transfer Methods |
Description |
Time to Arrive |
Applicable Fee(s) |
Limitation |
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Free of Payment (FOP)
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Delivery of long US stock positions, US Warrant positions, and Corporate and Municipal Bond positions from another US bank or broker that is a member of the Depository Trust Company (DTC).
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Transfers are generally completed during the same business day as initiated, but this depends on your third-party broker.
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None |
Only available for long US Stock positions, US Warrant positions, and Corporate Municipal Bond positions.
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FOP is not available for IRA accounts.
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FOP notices are valid for five business days before expiring. Once the notice has expired IB will not accept the shares. |
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An electronic system for registering stock with an issuer/company's transfer agent. These shares are in electronic book-entry format and can be transferred to and from a brokerage account. DRS shares are already issued and held electronically in book-entry format at the transfer agent. You can also upload positions in a .CSV file for a partial DRS transfer.
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Once a customer request is submitted via Account Management, the IB system creates a notification. Upon receipt or delivery of shares from or to the transfer agent, the IB system will generate a transaction that will cause the shares to settle into or out of the customer's account.
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Note that a processing fee may apply. For details, see the Other Fees page. |
DRS requests can pend up to 30 days, although agents typically respond to a request within two to five days. |
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Deposit/Withdrawal at Custodian (DWAC) |
An electronic method of transferring shares registered in the customer's name on the books of the transfer agent between participating broker/dealers with the transfer agent serving as a custodian. DWAC usually refers to new or certified paper shares to be electronically transferred.
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DWAC requests settle or are rejected on the same day that the request is made. Transfer agents must approve all requests transmitted to them by the participating broker. Requests that are not approved by the end of the day are rejected. Once a DWAC request is rejected, a new customer-initiated request must be submitted by the stock holder in order to process the transfer. |
Note that a processing fee may apply. For details, see the Other Fees page. |
Since transfer agents must actively approve DWACs, these kinds of requests require prior coordination between the client and the transfer agent. Any requests not previously communicated will be rejected by the transfer agent.
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US Futures Transfer |
Print the transfer form from the Position Transfers page in Account Management and fax it to Interactive Brokers. |
Allow five to seven business days from time of fax, under normal circumstances, for positions and funds to arrive. From time of fax, five to seven business days under normal circumstances.
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N/A |
Futures positions and cash will be transferred separately. The cash must be transferred via wire transfer.
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IRA: Rollover Rules & Conditions
This information is for general educational purposes only. Individuals should consult with their financial adviser or legal counsel to determine how rollover regulations affect their unique situations.
Generally, an IRA rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan. The contribution to the second retirement plan is called a rollover contribution.
This article outlines the types of IRA rollover transactions, rules and conditions, IB's Rollover Certification form, and rollover transaction details. Select from list below for details:
Eligible Rollover Transactions
Rules & Conditions
Prior to completing an IRA Rollover transaction, we recommend that you review the rules and conditions surrounding eligibility. Interactive Brokers can accept as a tax-free transaction an eligible rollover distribution as defined under the Internal Revenue Code. Included in this article is information about eligible transactions, as well as the Interactive Brokers IRA Rollover Certification form.
IRA Rollover Certification
Before accepting an IRA rollover transaction into an Interactive Brokers LLC IRA, we require that you review your eligibility for the rollover and certify your understanding of the rollover rules and conditions. The IRA Rollover Form includes the IRA Rollover Certification.
The Fund Transfers page within the Account Management lets you notify IB of an IRA Rollover deposit of funds into your account. Select the Funding tab in the header link and choose Deposit Funds in the Transaction list. In the Method list, select Direct Rollover. Complete, sign, and return both forms to the Interactive Brokers address listed on the form.
Rollover Transactions
Two types of IRA rollover transactions exist with different guidelines and delivery methods:
- Direct Rollover - a transfer of assets from an employer-sponsored retirement plan directly to an eligible IRA. If you choose to receive the distribution first, then you may roll over the funds to the IRA within 60 days.
- Indirect Rollover - a distribution from an IRA paid to you, followed by a rollover into another IRA within 60 days. The IRS allows an indirect rollover of each IRA's funds once during a twelve-month period.
(Note: A distributions directly from one IRA trustee to another IRA trustee is a Trustee-to-Trustee transfer. It is not affected by the twelve-month waiting period.)
For additional information about rollovers, visit Understanding Rollovers. See also IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) for more specific guidelines on moving retirement plan assets.
Eligible Rollover Transactions
Almost any distribution from a qualified plan can be rolled over to an IRA. Your retirement account may be eligible for one of the following eligible rollover transactions.
Traditional IRA or SIMPLE IRA to Traditional IRA Rollover
- Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
- During the preceding 12 months, no other distributions from the distributing IRA were rolled over
- The assets involved in the transaction have not been rolled over in the past 12 months
- Required Minimum Distribution satisfied (if over 70 1/2)
- For SIMPLE IRAs, after two years from the first contribution
Roth IRA to Roth IRA Rollover
- Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
- During the preceding 12 months, no other distributions from the distributing IRA were rolled over
- The assets involved in the transaction have not been rolled over in the past 12 months
Rollover or Direct Rollover from Qualified Plan into a Traditional IRA
- Eligible participant (participant, spouse beneficiary, or former spouse due to divorce)
- Funds or property deposited less than 60 days of receipt by the participant from the previous plan
- Funds received from an eligible qualified retirement plan
- Required Minimum Distribution satisfied (if over 70 1/2)
- Consists of funds, property, or proceeds from the sale of property distributed from the qualified plan
- All of the funds are eligible to be rolled over
Roth IRA to Roth IRA Rollover
- Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
- Required Minimum Distribution satisfied (if over 70 1/2)
Ineligible Rollover Transactions
Some funds distributed from a retirement plan are not eligible for rollover into an IRA. The following transactions are not eligible rollover transactions.
- Any portion of a distribution from a retirement plan not rolled over
- Required Minimum Distributions
- Distribution of excess contributions and related earnings
- Retirement plan loan treated as a distribution
- Hardship distributions
- Distributions part of substantially equal payments (72-t)
- Dividends on employer securities
- Non-spousal death benefit distributions
- The cost of life insurance coverage
Click here to return to the Retirement Account Resource page.
Disclaimer: IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.
Cost Basis Reporting
1099 Reporting
Statement and Year End Reporting for US persons and entities comprises the following:
1. Cost Basis: While the required reporting schedule was staggered, the primary cost basis that will be reported to the IRS includes equities bought and sold after December 31, 2010. This includes the adjusted cost basis resulting from wash sales and corporate actions.
The future phase-in period for broker reporting includes the assets sold on or after the following dates:
--- Mutual Funds and ETFS - 1/1/2012
--- Simple debt instruments (i.e. treasuries, fixed-rate bonds & municipal bonds) and options, - 1/1/2014
--- Other debt instruments - 1/1/2016
2. Tax Basis Method: Brokers are required to use the method first in, first out (FIFO), unless given other instructions by an investor. Changes to your tax basis method may be submitted through the Tax Optimizer. The Tax Optimizer is launched from within Account Management and is available for stock, option, bond, warrant and single-stock future trades.
IB offers multiple tax basis methods, including three basic options:
● First In, First Out (FIFO) - This is the default option. FIFO assumes that the oldest security in inventory is matched to the most recently sold security.
● Last In, First Out (LIFO) - LIFO assumes that the newest security acquired is sold first.
● Specific Lot - Lets you see all of your tax lots and closing trades, then manually match lots to trades. Specific Lot is not available as the Account Default Match Method.
Tax Optimizer also lets you select the following additional derivatives of the specific identification method.
● Highest Cost (HC), Maximize Long-Term Gain (MLTG), Maximize Long-Term Loss (MLTG), Maximize Short-Term Gain (MSTG), and Maximize Short-Term Loss(MSTL).
For complete instructions on using the Tax Optimizer and details on the lot-matching algorithms for each method, see the Tax Optimizer Users Guide.
Note: Changing your tax basis is effective immediately. The basis selected will be applied to all subsequent trades on the account statements and tax reports. Updates will not affect previously closed trades nor the TWS profit and loss data displayed.
3. Gain & Loss Categories: An additional requirement to the cost basis reporting is the capital gain or loss category. The gain or loss category of equities is determined by the length of time in which the security was held, known as the "holding period."
● Short-Term - Holding periods of one year or less are categorized as "short-term."
● Long-Term - Holding periods over one year are categorized as "long-term."
Year End Reports
The following statements and reports display cost basis information that will be reported on Form 1099-B for eligible accounts.
- Monthly Account Statements
- Annual Account Statements
- Worksheet for Form 8949
For a complete review of the tax information and year end reporting available, click here.
Note: Unlike the Account Statements, the Gain & Loss Worksheet for Form 8949 may consolidate sell trades. The cost basis will be adjusted, as required for 1099-B reporting.
Asset Transfers
U.S. legislation from 2008 included new guidelines for tax reporting by U.S. financial institutions. Effective January 2011, U.S. Brokers are required to report cost basis on sold assets, whether or not a gain/loss is short-term (held one year or less) or long-term (held more than one year). U.S. brokerage firms, Interactive Brokers LLC (IB) included, implemented changes to comply with the legislation.
For more information on cost basis with asset transfers, see Cost Basis & Asset Transfers.
Disclaimer: IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.
ACATS Transfer Guide (US brokerage account transfers)
ACATS Transfer Guide
Introduction
Understanding the basic facts about transferring accounts between US brokerage firms can be help to avoid delays. Through this article and other Knowledge Database resources, Interactive Brokers seeks to assist with your incoming and outgoing ACATS requests.
US brokerage firms utilize a standardized system to transfer customer accounts from one firm to another. Known as the Automated Customer Account Transfer Service or ACATS, the process allows assets to move seamlessly between brokerage firms in a unified time frame. ACATS transfers are facilitated by a third party, the National Securities Clearing Corporation (NSCC), to assist participating members with timely asset transfers.
ACATS Transfer Benefits
The majority of assets may be transferred between US brokerage firms and some banks through ACATS. This standardized system includes stocks, US corporate bonds, listed options, unit investment trusts, mutual funds, and cash. Information on assets eligible for transfer is provided at "Assets Eligible..." Though impacted by multiple factors and time constraints, the accepted or rejected transfers finalize within 10 business days in most cases.
Navigating The Process
4 simple steps of the ACATS process will help you understand the flow and minimize delays. Familiarizing yourself with the transfer process helps to ensure a successful transition.
1. Incoming or Outgoing
Incoming ACATS Transfers
The financial institution that is receiving your assets and account transfer is known as the "receiving firm." Investors always work with and through the "receiving firm" to move full or partial account assets into a new broker.
Contact the "receiving firm" (Interactive Brokers) to review the firm's trading policies and requirements. You should verify that your assets are eligible for trading at the "receiving firm" before initiating the transfer request. Not all ACATS transferable assets are acceptable for trading at every brokerage firm.
Outgoing ACATS Transfers
All outgoing ACATS transfers, full or partial, must be approved by the "delivering firm." Investors, however, should work with and through the "receiving firm" in order to begin the the transfer process or to status the progress of the request.
2. Initiating Your Transfer
Investors must always begin the ACATS transfer with the "receiving firm." An ACATS transfer form or Transfer Initiation Form (TIF) must be submitted. The "receiving firm" takes your reqeust and communicates with the "delivering firm" via ACATS. The process begins with this request for transfer of the account.
For your Interactive Brokers Account, the transfer is usually submitted online. Video instruction on submitting the transfer is provided at "How to deposit funds via a full ACATS/ATON Transfer." or through Step-by-step instructions.
Note: Outgoing account transfers from your IB account should be directed to the other broker. Your request will be submitted to IB from the other broker through the ACATS electronically.
3. What to Expect
Your Account
Brokers ensure the safety and security of transfer requests by only authorizing requests between open accounts that meet the following criteria:
- Same Account Title
- Same Tax ID Number
- Same Account Type
Transfer Approval
Ultimately responsible for validating the transfer, the "delivering firm" may accept information from the "receiving firm" correcting data originally entered. Approved or validated requests result in the delivery of positions to the "receiving firm" for their acceptance. Assets may not be accepted by the "receiving firm" for the following:
- Non-marginable or Margin (credit) violation
- Not Tradable
- DTC Chill
Note: The most common reasons for ACATS rejections are outlined by clicking here.
Processing Time-frame
The processing time for each transfer request is fixed. In general, approved transfers complete within 4 to 8 business days. Almost all transfers complete within 10 business days. Each firm is required to perform certain steps at specific intervals in the process. Feel free to review the Full ACATS transfer process flow.
Fees
While Interactive Brokers does not charge a fee to transfer your account via ACATS, some brokers do apply a fee for full and partial transfers. Prior to initiating your transfer, you should contact the "delivering firm" to verify any charge.
4. Who To Contact For Help
Interactive Brokers Customer Service stands poised to assist with your incoming ACATS transfer reqeust. Click here for Customer Service contact resources.
Note: Outgoing or ACATS transfers sending accounts to another broker should be directed to the "receiving firm." Their Account Transfer Group will work with Interactive Brokers directly to complete your outgoing request.
How to Deposit Funds Via a Full ACATS/ATON Transfer
How to deposit funds to your Interactive Brokers account via a full ACATS/ATON Transfer
For information on how to initiate a partial ACATS/ATON transfer/ please click here
For Interactive Brokers tradeable products please visit the Contract Search Engine
For a detailed description of the Full ACATS/ATON process flow please click here
For a list of the most common causes for ACATS/ATON rejects, please click here
How to Deposit Funds Via a Partial ACATS/ATON Transfer
How to deposit funds to your Interactive Brokers account via a partial ACATS or ATON transfer
European Assets Transfers
Overview:
European Position Transfers
IB can accommodate transfers in the following countries on a manual basis:
- Belgium: options, futures
- France: stocks, options, futures
- Germany: stocks, warrants, options, futures
- Italy: options, futures
- The Netherlands: stocks, options, futures
- Spain: stocks, options, futures
- Switzerland: stocks, options, futures
- United Kingdom: stocks, options, futures
- Austria: stocks
- Sweden: stocks, options, futures
Customers wishing to transfer positions to an IB account must fill out the Interactive Brokers Transfer of Assets in Europe form and provide the following additional information:
- customer contact information (phone number and e-mail address)
- delivering broker contact information (contact person, phone number and e-mail address)
- approximate value of the securities to be transferred
- desired settlement date of the transaction(s)
The request is to be made either
- by attaching the form to a Ticket via the Message Center in Account Management.
- or by fax at +41-41-726-9599.
Upon receipt of the Transfer of Assets form, IB will verify the request to insure that we are able to support the transfer.
Once done, we will send a confirmation to the customer. And if we are able to support the transfer, we will thereafter contact the customer’s clearing broker to organize it.
Please note the following points:
- All transfers to an IB account from another clearing broker must be delivered free of payment, FOP.
- Interactive Brokers only accepts products that are available for trading on the IB system. Certain products cannot be held in your IB account including: money market deposits, many bonds and similar fixed income instruments, many mutual funds, limited partnership units and certain classes of stock. IB holds all positions in the firm accounts in non-registered form. We do not support individual registration of positions. Positions in registered shares will be converted to non-registered form by default.
- For initial account funding, your transfer must meet our Minimum Initial Deposit requirements or the transfer will be rejected.
- You will not be able to withdraw any funds or transfer any assets to another broker for ten business days after an account transfer is received.
