bank of america= nominee account

Hi guys,

I have read the back and forward about Bank of America and their holding in SBL. Some posters seem to think that BOA has taken a position and holding it on their balance sheet.

This is simply not the case.

BOA is acting in its capacity as a nominee.

See below.

A Nominee account is a facility whereby a client's shareholdings are not registered in his / her own name but in the nominee company of a Stockbroker, with a designation corresponding to the client's account. The beneficial ownership of the shares remains with the client, while the stockbroker handles administrative issues on behalf of the client. This means that no share certificates are issued.