APPENDIX R EXHIBIT F FOUR PROPOSED UNIFORM FORMS Transfer Instruction Delivery Ticket Comparison Reclamation Form Request for Comments Banking and Securities Industry Committee 84 William Street New York, N. Y. 10038 In June of 1970 the Security Imprinting and Processing (SIP) Task Force of the Committe Uniform Security Identification Procedures, sponsored by the American Bankers Association, tu over to BASIC its valuable work on uniform documents. It has long been widely agreed in principle that the standardization of the Transfer Instruc Delivery Ticket, Comparison, and Reclamation forms would be of great benefit. Each of these f must be individually examined by the receiver-often, by several people at various points—and will trigger a series of actions: acceptance or rejection of the form and its associated docum comparison with internal forms; and preparation of new documents. Presently, the same elen of information must be extracted from a wide variety of forms, many of them encumbered by i mation pertinent only to the sender. Thus, the advantages of standardization include these: visual scanning time and visual fa will be reduced; erroneous acceptances, erroneous rejections, processing errors, and consec re-handling will be reduced; forms of uniform size, shape and format lend themselves better to production" processing techniques, and to the development of simpler and more effective tra manuals and procedures. Savings of processing and training time, and the reduction of errors, st be considerable. In addition to the near-term benefits that standardization will bring, another important obje of the uniform forms effort is to anticipate systems of the future. Conversion to uniform for users in the banking and securities industries will provide standard message formats, which I lend themselves to processing now, but which will be essential if machine-to-machine transm and processing is to take place in the future. The proposed standard forms make use of ex identifying codes, such as the CUSIP number, anticipate a future FINS (Financial Industry Numb System) number to identify senders and receivers, and provide for several other control and ide ing codes that would be required for ultimate machine processing. Numerous individuals in brokerage houses, banks, stock exchanges and broker service bureaus ve reviewed the attached forms or predecessor drafts with the Task Force and have given genously of their time and experience. In addition, subcommittees of the Joint Industry Control Group d operations committees of the Association of Stock Exchange Firms, the Stock Transfer Associaon and the Corporate Transfer Agents Association have offered many useful comments and sugstions. However, by the nature of the task of standardizing, not every preference has been, nor in be, taken into account in the final design. It is believed that the attached uniform Transfer Inuction, Delivery Ticket, Comparison and Reclamation forms can replace those currently being epared by users and service bureaus within the industry and that conversion by these users to the andard documents will produce significant benefits. Accordingly, we are asking for comments on the following recommendation: That on or before July 1, 1972, all units within the banking and securities industry which produce Delivery Tickets, Transfer Instructions, Comparisons and Reclamation forms adopt the standard forms appended hereto and use them in accordance with the specifications attached. We would hope to have your comments on this proposal, and the forms, by September 30, 1971. IMPORTANT NOTICES CUSIP Three of the four forms call for insertion of the CUSIP number - the transfer instruction, delivery tick and comparison. When the uniform forms are made mandatory, inclusion of the CUSIP number on the forms will a be mandatory. Those issuing such forms are on notice to equip themselves to insert CUSIP numbers at t time. Clearing members of the New York and American Stock Exchanges are already on notice that the CU number will be required on input to the clearing corporations by April 1, 1972. SUPPLY OF FORMS When uniform forms become mandatory, the replaced forms will become obsolete. Those reorde existing forms in the interim should take this into account and scale the quantity reordered accordingly. course, when the uniform forms are promulgated (which will be in advance of the mandatory deadli changeover to their use could be made at any date prior to the mandatory deadline that the user might di preferable. SYSTEM CHANGES Important changes will be required in many computerized and mechanized operations to conver the uniform forms. Clerical retraining will be required. These tasks should be anticipated well before date for mandatory use of the uniform forms. |