Mid Atlantic Capital Corporation is the broker dealer.
Brokerage accounts are carried by NFS (National Financial Services)
Mid Atlantic Trust Company is a non-depository trust company.
“ActiveView” accounts are transacted through MATC’s TNS
(Transaction Network Services) system.
The choice of where the assets are held depends upon the investment process we employ for our clients.
Mid Atlantic Capital Corporation, a broker dealer, has arranged for accounts to be carried by National Financial Services, LLC (NFS), a Fidelity Investment Company.
Mid Atlantic Trust Corporation (MATC) is the custodian who holds our clients’ ActiveView Portfolios. MATC is a non-depository trust company.
Safety of our clients’ assets is one of the most important benefits we provide.
Securities in Accounts Held by National Financial Services
Securities in accounts carried by National Financial Services, LLC (NFS) are protected in accordance with the Securities Investor Protection Corporation (SIPC) up to $500,000. The $500,000 total amount of SIPC protection is inclusive of up to $250,000 protection for claims for cash, subject to periodic adjustments for inflation in accordance with terms of the SIPC statute and approval by SIPC's Board of Directors. NFS has also arranged for additional protection for cash and covered securities called "excess of SIPC" coverage, from Lloyd’s of London together with other insurers1. This additional protection would only be used when SIPC coverage is exhausted. Total aggregate excess of SIPC coverage available through NFS's excess of SIPC policy is $1 billion. Within NFS's excess of SIPC coverage, there is no per account dollar limit on coverage of securities, but there is a per account limit of $1.9 million on coverage of cash awaiting investment. This is the maximum excess of SIPC protection currently available in the brokerage industry. Neither coverage protects against a decline in the market value of securities, nor do they cover other claims for losses incurred while broker-dealers remain in business. Certain securities are not eligible for SIPC or excess of SIPC coverage2. For more details on SIPC, or to request a SIPC brochure, visit www.sipc.org or call (202) 371-8300. For ratings and more information about Lloyd's please go to http://www.lloyds.com/Lloyds_Market/Ratings/.
1 Fidelity's excess of SIPC insurance is provided by Lloyd's of London together with Axis Specialty Europe Ltd. and Munich Reinsurance Co.
2 Among the assets typically not eligible for SIPC or excess of SIPC protection are commodity futures contracts, currency, and precious metals, as well as investment contracts (such as limited partnerships) and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933.
Mutual Funds Held in Activeview Portfolios
Mid Atlantic Trust Corporation acts as Trustee, not as Custodian, for mutual fund assets held in our ActiveView Portfolios. Mutual funds held in our ActiveView Portfolios are provided custodial services directly through the mutual fund company.
Once you reach the age of 70 ½, you are required to withdraw an annual Required Minimum Distribution (RMD) from your retirement account(s). The RMD amount is determined according to a standardized IRS table that takes into consideration your age and the December 31st account value for the previous year. To fulfill this requirement, you may elect to take monthly distributions or receive it in one lump sum. Your distribution may be taken at any time throughout the year, but it must be processed before December 31st. Federal and State income taxes can be withheld at the time of distribution. Please contact your tax advisor for tax recommendations.