Thanks for that. But did you read the heading jest before the one what you had posted, let me make your life easy here:
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Legal Title of Securities Owned Legal title of securities lent passes from the lender to the borrower and back to the lender when the securities are returned.
The lender still retains risk and exposure to the market place for the lent securities as well as all the benefits including corporate actions or dividends. The lender does lose the voting rights to the securities over the loan period.
The lender has the right to recall securities on loan at any time, unless otherwise agreed with the borrower.
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The above, explains in clear terms my only question, read the last sentence, the borrower has to agree with the lender and according to Opes’ agreement, it did have to seek written approval for assignment. Now if this is correct, we have a whole can of worms and the banks are really on a slippery road here.
