The primary asset identifier for global securities will be shifting from CUSIP* to SEDOL**. A SEDOL will appear anywhere that a CUSIP currently appears. As you may know, SEDOLs encode market-level information about assets, making them useful for uniquely identifying securities that are eligible to trade or settle in more than one location.
This change will go into effect Feb. 22, across all statements, reports, and data feeds originating from the recordkeeping system of Principal® Custody Solutions.
Hours of operation are 8:00 a.m. – 5:00 p.m. Central Time (CT); these are the same hours of operations you experience today.
All requests must be received in writing from an authorized signer.
Your account name and number must be included on all correspondence.
Investment of funds into the sweep vehicle is dependent upon your receipt of funds prior to the sweep vehicles deadline. Disbursement of funds is also dependent on sweep deadlines.
For your account(s) currently subject to informational reporting on the tax-reportable income received into the account(s) - for example, a Form 1099 (U.S.) or Form 1042-S (NRA) – you’ll receive two such items in the year of transition. One tax report will come from Wells Fargo Bank, N.A. and one will come from Principal® Custody Solutions.
For your account(s) that are tax-reportable trusts, providing you with a client deliverable each year - for example, a Grantor/Tax Information Letter or Schedule K-1 – you’ll receive only one such item in the year of transition. Principal® Custody Solutions will provide you with the combined full-year tax reporting for your trust(s) and file the required tax returns in a single full-year return with the Internal Revenue Service (IRS), and applicable state taxing authorities.
More information will be provided including channels of communication and contact details.
Name of person being removed and their listed role
Name of new person being assigned and the role being filled
Contact information of new contact (email and phone number)
* CUSIP stands for Committee on Uniform Securities Identification Procedures.
** SEDOL stands for Stock Exchange Daily Official List.
1 DTCC stands for the Despository Trust & Custody Clearing Corporation.
2 OTW stands for over the window.
3 The Society for Worldwide Interbank Financial Telecommunications (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized, and reliable environment. They are not an affiliate of any company of the Principal Financial Group®.
The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
Information provided is solely for illustrative purposes only and the actual terms of the services are governed by the organization’s applicable service agreement(s).
Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services.
Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy.
Investment and Insurance products are:
1859445-102021 | 02/2022