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Australian shares can be either held as Issuer or CHESS sponsored. We have covered this topic in another post which you can access here, have a read of that post if you don’t understand the difference.
We occasionally have customers approach us to sell shares that are sponsored by another stockbroker (held on a HIN). In most cases, the customer doesn’t know which stockbroker is the sponsor of the shares, usually because they where acquired along time ago, inherited, or they form part of the assets of a deceased estate.
Up until recently we have not been able to process these share sales, but thanks to a development in our processes, we are now able to.
So bottom line we can sell shares that are Issuer or CHESS sponsored. To be very clear:
The process is similar to selling issuer sponsored shares, start by providing your details with our share sale form.
It will take longer to sell shares from a HIN, simply because there are a couple more steps for us to complete, and the sponsoring broker must release the securities to us before we can sell them. We can’t control how long it takes the sponsoring broker to do this; in some cases it can take up to a couple of weeks. The brokerage fees are the same irrespective of the way your shares are held.
For the purpose of us selling your CHESS sponsored shares, it is not important which broker sponsors your HIN. We will work that out as part of the share sale process.
This is particularly useful if the sponsoring broker is unknown due to the share being purchased along time ago, inherited or part of a deceased estate. Another common reason we get for people not knowing which broker sponsors their shares is “takeover” of brokerage firms. Stockbroking firms are consonantly merging and if you don’t pay attention for 10 years or so, it is quite easy to lose track of who your stockbroker is!