JDelekto
Regular
To @JDelekto and other US Investors.
When @JDelekto first posted a few months back that the fee had been reinstated on purchases of shares in the USA I communicated this issue to the company.
As a result of @JDelekto ‘s recent post I chased up the issue again and have been advised that the external body that files documents with the DTC had made an error in a form they submitted which led to the reintroduction of the fee. This error took some weeks to uncover.
New documentation is being prepared and filed with the DTC to resolve the issue and hopefully the fee will be lifted. The DTC itself is very behind with processing of documentation and so it is expected to be at least another eight weeks.
The company is causing direct replies to be sent to @JDelekto as to the above matters and also to thank him/her for bringing this issue to their attention.
Regards
FF
AKIDA BALLISTA
Thank you, @Fact Finder. Coincidentally, I received an e-mail yesterday from Mark Komonoski at Integrous Communications. He apologized that the transactions cost me money and said they would advise once DTC eligibility is reinstated. He also invited me to call him with any questions or concerns.
While Mark did not go into any details, based on the information you received, it appears they had temporary eligibility after they initially filed. At some point, the SEC uncovered the error and revoked eligibility. Either it was not communicated to the party responsible for filing the documentation, or they have been very slow to correct it. I'll give them the benefit of the doubt.
Also, my co-worker enjoying the low cost of $6.95 commission for trades with Ameritrade received the following notice:
"Beginning November 3, 2022, for trades settled on or after this date, we will be increasing our Foreign Security fee to $44 + $6.95 commission per trade plus all applicable local market charges."
It will cost him more than me per trade if he wants to buy more BrainChip stock. It is a shame it is taking so long to remedy this, but at least it has been recognized and is being corrected (albeit slowly). Even more so now, in my opinion, the stock is at an attractive price for US investors who would invest in the company long-term.
Now, the only thing I have left to discover is why I have not been receiving any proxy voting materials through Fidelity. Only a tiny fraction of my holdings are through the ADRs, so I think I should have received them before the last AGM.