Information Obtained in a Fiduciary Capacity

What this video covers

• The four fiduciary capacities covered by the rule: paying agent, transfer agent, trustee, and any similar fiduciary capacity
• What ownership-of-securities information is protected, and why mailing addresses and tax details are not the target of the prohibition
• Why the fiduciary-information prohibition triggers on the use of the data, not on how it was lawfully obtained or received
• The exam trap of lawful acquisition: a firm can legally collect holder lists as a transfer agent and still violate the rule by using them for retail solicitation
• The issuer-solicitation exception: solicitation at the request and on behalf of the issuer, including tender offers, proxy votes, and rights offerings
• Why the issuer must be the principal directing the solicitation, and why Riley cannot go rogue even if he believes the issuer would benefit
• How to apply the use-based test across four concrete scenarios to distinguish violations from permitted activity