Abstract:
A method and system is provided to automate many of the steps involved in processing restricted securities. Data can be received relating to restrictions associated with the trade of a security. Typically the data includes notification by a seller of their desire to transact a trade involving a restricted security as well as answers to a checklist of questions related to the restricted trade. In addition, the system can receive an electronic verification that the data is correct. The system can respond by automatically generating documentation supportive of the trade and receiving an electronic signature to execute the generated documents. Trade information can also be automatically forwarded to a clearing house. In addition, an instruction can be transmitted to a transfer agent to convert physical restricted securities into an electronic format. Notification that the securities have been converted can subsequently be received.

Description:
CROSS REFERENCE TO RELATED APPLICATIONS  
       [0001]    This application claims the benefit of a provisional application entitled “Restricted Securities Processing” filed Sep. 28, 2000 and bearing the Ser. No. 60/236,299 the contents of which are relied upon and incorporated by reference. 
     
    
     
       BACKGROUND  
         [0002]    The present invention relates to a method and system for providing automated trading and processing of restricted securities. In particular the present invention relates to an automated system and process to transform restricted securities processing (RSP) from being a slow and inconsistent process into an industry benchmark, and possibly a competitive advantage as a distinct and significant source of value creation for a financial institution.  
           [0003]    Several conditions can distinguish RSP from non-RSP and are the dominant root causes for process inefficiencies: RSP requires extra “legal” process steps that culminate with a Transfer Agent&#39;s review of a Legal Opinion from Company Counsel. A Broker&#39;s Letter and Seller&#39;s Letter can be inputs wherein the primary purpose of the letters is to facilitate the generation of a Legal Opinion by Company Counsel. The Legal Opinion typically states that Company Counsel believes a trade involving restricted securities meets regulations.  
           [0004]    Restricted securities are almost always physical documents while non-restricted securities are almost always electronic. In addition, restricted securities uniquely require legends. In present markets, physical restricted securities can be replaced by electronic positions on the books and records of the Transfer Agent with a stop order, however, this does not usually happen.  
           [0005]    The conditions of being restricted and being physical are not one and the same, they can be separated, such as via Transfer Agent (TA) books-and-records. However, both conditions require manually intensive, inefficient, non-standard processes with poor quality control and lagging status.  
           [0006]    In general, the prior art has shown that when a Client desires to sell restricted stock the client will call their Broker to inform them of their desire. Typically, the associated restricted stock security will already be retained by the Broker in a vault and the Broker will have some indication of a restriction applying. The Broker will typically have a pre-signed Seller&#39;s Letter with blanks for the date, rule of sale, amount to be sold and potentially other transaction specific information. The Broker and the Client, who is now a Seller, will attempt to determine an appropriate rule for sale, and whether or not the Seller meets the requirements. If they are not able to do so, the Broker and/or Seller may call the Broker&#39;s internal Restriction Desk; the Client&#39;s Counsel, or the Company Counsel to determine the appropriate rule for sale.  
           [0007]    When the appropriate rule of sale has been ascertained, the Broker will fill in the pre-signed Seller&#39;s Letter. If the Broker does not have a pre-signed Seller&#39;s Letter on hand, they will fax the filled in Letter to the Client for signature, and the Client will then fax the signed letter back to the Broker or directly to Company Counsel. The Broker will also fill out and sign a Broker&#39;s Letter. The Broker will then determine the identity of Company Counsel in order to fax both the Seller&#39;s and Broker&#39;s Letter. The Broker will also call Company Counsel to inform them of the impending fax and give a transaction overview, and then fax the letters. Upon receipt of the faxed letters, Company Counsel will review the letters to determine if the appropriate rule has been identified and that the conditions under the rule are met. If so, Company Counsel creates and signs a Legal Opinion stating that they believe conditions for sale have been met. Company Counsel will also identify the Transfer Agent, and fax the Legal Opinion to the Transfer Agent.  
           [0008]    In the early part of the process when the Client first calls the Broker to place the sale, the Broker will also receive from the Seller an original signed document of negotiability to forward to the Transfer Agent. If the security is on deposit in the Broker&#39;s vault, typically the Broker will have had previously given the Client a stock power which if signed by the Client, can act as documentation of negotiability. During a call to the Broker, the Broker will inform the Client to sign the stock power and physically send it, typically via an overnight service, to the Broker. If the security is in the possession of the Client or another source, the Broker will typically inform the Client to sign the security itself. The signed security can be used as the document of negotiability and forward it to the Broker. However it is accomplished, both a signed document of negotiability and the security itself must be delivered to the Transfer Agent to complete the transfer. The Broker will put events into action to ensure both items are received into the Broker&#39;s possession to be forwarded to the Transfer Agent.  
           [0009]    Typically, the Transfer Agent will not begin the transfer process until it has received either a faxed copy or original of the signed Legal Opinion. In addition the transfer agent will require an original security along with an original signed document of negotiability.  
           [0010]    The Transfer Agent will sort through piles of packages of negotiability documentation which typically arrive through an overnight service, and stacks of faxes of Legal Opinions to match the appropriate Legal Opinion to the appropriate security package. Alternatively, some Transfer Agents request that the Broker take receipt of the fax from Company Counsel and package this letter with the security package to eliminate the laborious task of doing this themselves. Upon completing this task, the Transfer Agent will initiate the transfer process, which includes destroying the old certificate and either reissuing a new physical security or moving the security to electronic form in a trust company environment, such as the Depository Trust Company. The only way the Broker can identify that the transfer has been complete is to go into a trust company system and search, or call the transfer agent and inquire. Overall, this process may require from one to three weeks and occasionally even longer.  
           [0011]    What is needed is a method and system to automate Restricted Securities Processing and provide a timely, secure, platform for trading restricted securities.  
         SUMMARY  
         [0012]    Accordingly a method and system is provided to automate many of the steps involved in processing restricted securities and utilize an electronic platform to exchange documents, information and authorizations.  
           [0013]    The present invention includes a computer-implemented method for processing restricted securities trades via a communications network. Data can be received relating to restrictions associated with the trade of a security. Typically the data includes notification by a seller of their desire to transact a trade involving a restricted security as well as answers to a checklist of questions related to the restricted trade. In addition, the system will receive an electronic verification that the data is correct. The system can respond by automatically generating documentation supportive of the trade and receiving an electronic signature to execute the generated documents. Typically the trade will be a simple restricted sale and the system will perform the step of transmitting an instruction to execute the trade. Trade information can also be automatically forwarded to a clearinghouse.  
           [0014]    Documentation that is generated can include a seller&#39;s letter, a broker&#39;s letter and/or a legal opinion. Edits to the generated documentation can also be received and processed to modify the documents accordingly. In addition, an instruction can be transmitted to a transfer agent to convert physical restricted securities into an electronic format. Notification that the securities have been converted can subsequently be received.  
           [0015]    Another embodiment of the present invention includes a computer system for facilitating trading of a restricted security. A computer server accessible with a network access device via a communications network executes software stored on the server. The software is operative with the server to cause the system to transmit data relating to a restricted securities trade. The server will receive an electronic document such as a legal opinion related to the trade, as well as receive electronic authorization to proceed with the trade. The computer can then transmit a command to execute trade. The network access device can be a computer, handheld device or other electronic communication device.  
           [0016]    The computer communication network can conform to the transmission control protocol/internet protocol and include the Internet and/or an intranet.  
           [0017]    Other embodiments include computer executable program code residing on a computer-readable medium. The program code can include instructions for causing a computer to transmit data relating to a restricted securities trade and receive documentation, such as a Legal Opinion related to the trade. The computer can also receive electronic authorization to proceed with the trade and transmit a command to execute trade.  
           [0018]    In another aspect of the present invention, a method of interacting with a network access device in order to complete an online transaction is presented. A user can initiate interaction with a host computer via a communications network and transmitting data related to a trade involving a restricted security. Documentation related to the trade of the restricted security can be received and an electronic authorization to conduct the trade can be transmitted. In one embodiment, a data stream content can be viewed via a graphical user interface. The documentation received can include a legal opinion, a broker&#39;s letter, a seller&#39;s letter or other documentation.  
           [0019]    In addition, a computer signal can be embodied in a digital data stream relating to restricted security trading. The computer signal can be generated by any of the methods discussed above.  
           [0020]    In the present invention, hardcopy legal documents are largely replaced by electronic documents and communications. Hardcopy documents can be made available for archival purposes, but are no longer essential to the processing of restricted securities. Workflow is integrated into an electronic RSP system allowing a Transfer Agent and bank Transfer Custody to seamlessly share information and work in real time. An alternative to using workflow would be to use a peer-to-peer computing platform whereby information stored on the transfer agent&#39;s, company counsel&#39;s, the broker&#39;s, or an independent hub system can be coordinated and communicated to achieve a similar result. Electronic authorizations can be utilized throughout, creating completely electronic process steps for generating a legal opinion. Real time processing can essentially be achieved by automation of the electronic signature processes. Company Counsel and the Transfer Agent are able to access legal summaries via a distributed network such as the Internet and can also review legal documents in full or download a hardcopy for archival purposes.  
           [0021]    Physical restricted securities can be replaced with electronic versions that exist on the books and records of the transfer agent with a stop order that can only be lifted upon completion of the legal opinion. Electronic security can thereby be electronically linked to an electronic legal opinion process and further automation. A RSP system can also be utilized as a trading platform and clearance application wherein transfer of ownership of restricted securities can occur by changing the identity of the owner of the shares on the electronic books and records of the Transfer Agent, and not through a trust company.  
           [0022]    Linking another broker involved in the trade to the RSP system can enable them to accept the trade and also send the results of the new owner to the transfer agent. The transfer agent can complete the transaction through the RSP system without any involvement from trust company. This process can be used for non-restricted securities as well as restricted securities, and can be utilized to create a secondary trading platform for any security that can be placed on the books and records of a Transfer Agent or like party. 
       
    
    
     DESCRIPTION OF THE DRAWINGS  
       [0023]    [0023]FIG. 1 illustrates a block diagram of restricted securities processing system.  
         [0024]    [0024]FIG. 2 illustrates a network embodiment of the present invention.  
         [0025]    [0025]FIG. 3 illustrates a flow diagram of a client contact process according to the present invention.  
         [0026]    [0026]FIGS. 4 a  and  4   b  illustrate a flow diagram of steps that can be performed by an automated RSP system.  
         [0027]    [0027]FIG. 5 illustrates a user interface with functionality included in the present invention.  
         [0028]    [0028]FIG. 6 illustrates an example of a graphical user interface relating to the current invention. 
     
    
     DESCRIPTION  
       [0029]    The present invention includes a computerized method and system for providing restricted securities processing in a time efficient and secure fashion. Automated process flows that allow for the transfer of documents via an electronic communications network eliminate many manual and time consuming steps formerly required to effect a transaction involving restricted securities. In addition, electronic signatures can be utilized to further expedite the approval of legally binding documents. The method and system can be modified to accommodate margin, venture capital distributions, restricted convertible securities or other restricted securities. In addition, the use of electronic positions on the books and records of a Transfer Agent with stop orders in place of the physical format of restricted securities can further automate and optimize the process.  
         [0030]    Referring now to FIG. 1, a block diagram illustrates information flows according to the present invention between major entities involved in a restricted security transaction. A hub and spoke or peer to peer architecture is combined with a methodology to eliminate several manual steps required by previous processes. Electronic signature authorization is integrated in the process such that a Client  101 , Client Counsel  102 , Company Counsel  103 , Transfer Agent  104  and entities  105 - 109  within a financial institution  120  can now use the Restricted Securities Processing (RSP) system  110  to electronically execute process steps. The financial institution  120  can have an electronic network workflow  112  with the Transfer Agent  104  such that a previously required physical delivery can be reengineered to be electronic. In this embodiment the Broker and the RSP system are integrated as one. An alternate arrangement would be for the Broker to be an external party to the RSP system just as are the Company Counsel and Transfer Agent. In such an arrangement, the Broker could access the RSP system either through a browser to manually read or write information to the RSP system, or alternative could use a Workflow application or peer-to-peer computing arrangement to electronically share information with the RSP system.  
         [0031]    Typically, under the present invention, a Client contacts Sales  105  to sell restricted stock, Sales  105  can pull up a sales module via a graphical user interface (GUI) to access the RSP system  110  and enter data into the restriction checklist. Sales  105  can assist a Client  101  answer restricted transaction related questions to determine qualification and the appropriate rule for sale. If necessary, a four way conference contact can be arranged between the Client  101 , Sales  105 , Restricted Desk  106 , and Client Counsel  102  to finish walking the Client  101  through the restriction checklist. Once the checklist is complete, an appropriate rule for sale will have been identified and the RSP system can inform Sales  105  how to instruct Client  101  regarding forms which should be sent to the financial institution  120 , and forms that should be submitted to an RSP system  110 . Forms submission can be electronic or via a fax, or physically mailed for physical negotiability documentation. Faxed forms can be received into a fax module. Another embodiment uses a web page to enable the Client  101  and Client Counsel  102  to process the restriction checklist.  
         [0032]    Company Counsel  102  can be alerted of a sale via an electronic notification, such as email, and use a hyperlink to log into a RSP system web page containing the appropriate documents and transaction information. Counsel  102  can download faxes from Sales  105  and the Client  101 . Company Counsel  102  can complete a Legal Opinion and submit a copy of a signed original to the RSP system  110 . In one embodiment, submission can be accomplished via a RSP system fax mailbox. The fax number can be included in the alerting notification. Another embodiment can utilize electronic transfer of a file and an appropriate electronic signature. An alerting notification with hyperlink can also be sent to sales  105  indicating that this step has occurred. If any of the currently manual process steps by the parties of the RSP system are automated, the alerting emails can be replaced with automated information flows to the next party in the process. In such an embodiment, the process becomes completely automated in real time.  
         [0033]    Sales  105 , or in the case where the RSP system is an independent party from a Broker, a hyperlink can be utilized as an alerting notification to pull up relevant information and map any correspondence, such as a Company Counsel  102  fax relating to the appropriate transaction. Identifying information can appear in the web page. The RSP system  110  can automatically send an alerting notification, such as email, with an associated hyperlink to the Transfer Agent  104 .  
         [0034]    The Transfer Agent  104  can also activate a hyperlink contained in an alerting email. In response to clicking the hyperlink, the system can automatically log the Transfer Agent  104  into an RSP system  110  website with access to appropriate electronic or fax documentation. The Transfer Agent  104  can download an associated Legal Opinion. An alerting email can be sent to the financial institution&#39;s Transfer Custody  108  to indicate that the Transfer Agent  104  has downloaded the Legal Opinion. The Transfer Agent  104  can execute the transfer, and manually update the status through a browser to the RSP system. In the case of a Workflow arrangement between the RSP system and the Transfer Agent, upon executing any internal electronic transfers, this information change would trigger an automated information flow into the RSP system. A similar process and result would occur in the case of a peer-to-peer platform. Transfer Custody  108  can access the RSP system to check on the status of the transaction. Or in the case of full automation, any changes by the transfer status by the Transfer Agent will be noticed by the Workflow or peer-to-peer system and the change captured in the RSP system.  
         [0035]    Referring now to FIG. 2, a network diagram illustrating one embodiment of the present invention is shown. An automated restricted securities processing system can include a RSP System  110  accessible via a distributed network  201  such as the Internet, or a private network. A Client  219 - 222 , financial institution support  228 , a representative  223 - 224 , or other party interested in a restricted securities transaction, can use a computerized system or network access device  204 - 208  to receive, input, transmit or view information processed in the RSP system  110 . A back office system  203  can also receive and transmit data to the RSP System  203  via the network  201 . A protocol, such as the transmission control protocol internet protocol TCPIP can be utilized to provide consistency and reliability.  
         [0036]    Each of the network access devices can include a processor, memory and a user input device, such as a keyboard and/or mouse, and a user output device, such as a display screen and/or printer. The network access devices  204 - 207  can communicate with the RSP system  110  to access data stored at the RSP system  110 . The network access device  204 - 207  may interact with the host computer  250  as if the host was a single entity in the network  200 . However, the RSP system  110  may include multiple processing and database sub-systems, such as cooperative or redundant processing and/or database servers that can be geographically dispersed throughout the network  201 . In some implementations, groups of network access devices  204 - 208  may communicate with RSP system  110  through a local area network.  
         [0037]    The RSP system  110  includes one or more databases  202  storing data relating to restricted securities processing. The RSP system  110  may interact with and/or gather data from a Client  219 - 222 ; representative  223 , financial institution support  228  or other person who is operating a network access device  204 - 207 . Data gathered from the trader may be used to conduct trading or provide information to the trader.  
         [0038]    Typically a user will access the RSP system  110  using client software executed on the network access device  204 - 207 . The client software may include a generic hypertext markup language (HTML) browser, such as Netscape Navigator or Microsoft Internet Explorer, (a “WEB browser”). The Client software may also be a proprietary browser, and/or other host access software. In some cases, an executable program, such as a Java™ program, may be downloaded from the RSP system  110  to the Client computer and executed at the Client computer as part of the RSP system  110  software. Other implementations include proprietary software installed from a computer readable medium, such as a CD ROM. The invention may therefore be implemented in digital electronic circuitry, computer hardware, firmware, software, or in combinations of the above. Apparatus of the invention may be implemented in a computer program product tangibly embodied in a machine-readable storage device for execution by a programmable processor; and method steps of the invention may be performed by a programmable processor executing a program of instructions to perform functions of the invention by operating on input data and generating output.  
         [0039]    [0039]FIG. 3 illustrates one process relating to client contact that can be included in the present invention. A financial institution  120  can be contacted by a Client  101  relating to the transaction of a restricted security  310 . Typically, the Client  101  would contact the financial institution&#39;s Sales. Information descriptive of the Client&#39;s  101  restriction regarding the transaction is input into the system through a restriction checklist that identifies an appropriate rule for sale and the Client&#39;s  101  fulfillment of the requirements under the rule. Information can be input for example into a GUI containing programmable user interactive devices, such as checkboxes, yes/no fields, radial buttons, text input, or other devices. An example of a GUI that can be useful to input information is illustrated in FIG. 4. To aid the Client  101 , the sales can instruct the Client  101  on how to logon to a RSP system website and input information relating to restrictions involved in the transaction.  
         [0040]    To aid the Client  101 , Sales can instruct the Client  101  on how to logon to a RSP system website and input information relating to restrictions involved in the transaction. In one embodiment, a restriction checklist can be presented in a GUI to the Client to facilitate the input of information. If necessary, a four way audio conference with simultaneous web access can be arranged between the Client  101 , Sales  105 , Restricted Desk  106 , and Client Counsel  102  to finish walking the Client  101  through the checklist.  
         [0041]    The financial institution  120  can generate or receive required electronic information  312  from the Client  101 . Preferably, the information will include an electronic signature verifying that the information submitted is correct. For example, the financial institution  120  can receive an electronically authorized Seller&#39;s Representation Letter that is generated by the system in response to completion of a Restriction Checklist. The Client  101  can implement an electronic signature to indicate that the checklist is correct. In addition to the electronically generated and signed Seller&#39;s Letter, the system can automatically generate an electronic signature for the negotiability documentation  313 . If electronic negotiability documents are being used (such as electronic restricted securities), the electronic signature can automatically be attached to the electronic negotiability documentation, regardless of on whose books and records the security resides.  
         [0042]    The financial institution  120  can also walk through its own checklist questions and input related information, such as information necessary to generate a Broker&#39;s Letter  314 . When all information required for the broker&#39;s letter is available in the system, the system can automatically generate the broker&#39;s letter and affix an authorized electronic signature  315 . Electronic links from the system to trading systems associated with the financial institution  120  can be utilized to book the trade  316 . In one embodiment, the RSP system  110  can automatically generate a status report indicating which information has been entered and which information is still outstanding.  
         [0043]    Referring now to FIG. 4, a set of steps that can be performed by an automated RSP system is illustrated. Steps that an RSP system  110  can perform in practicing the present invention can include presenting a checklist  408  relating to restrictions. The checklist can include a series of restriction questions, each question with a corresponding checkbox to record an answer. The RSP system  110  can receive an electronic signature from a Client to indicate that the checklist is correct  409 . The RSP system  110  can also automatically generate a legally binding Seller&#39;s Letter and other negotiability documentation, which can be reviewed by the Seller such that an electronic signature can be received and recorded indicating an execution of the Seller&#39;s Letter  410 .  
         [0044]    The RSP system  110  Workflow application can shift the process towards a Sales  105  and/or Restricted Securities Desk  106  and present an interface to facilitate a financial institution walking through its own checklist questions. An electronic signature can be received attesting to correct answers. Receipt of the checklist answers and electronic signature can be utilized to trigger the system to automatically create a Broker&#39;s Letter. Via workflow the present invention can also tie into the financial institution systems to book the trade.  
         [0045]    Receipt of a Seller&#39;s Letter with electronic signature can trigger generation of an alerting notification, such as an email, to be sent  411  to Company Counsel  103 . In the case of a Workflow or peer-to-peer system arrangement between the two parties an alerting notification can include an automated file transfer or other electronic information flow. The notification can also include a hyperlink, WEB address or other interactive device to direct Company Counsel  103  to material available on a distributed network. Company Counsel  103  can activate the user interactive device, such as by clicking on a hyperlink and be presented with a very simplified but comprehensive format indicating that the Seller and Broker have given authorizations  412 . Company Counsel  103  can electronically authorize the transaction based on the website summary page, or hyperlinks to a page showing the documentation from the Seller &amp; Broker  413 . In addition, the Company Counsel  103  can download these or other associated documents to its internal document management system. Alternatively, Company Counsel  103  can have a database and programmable system to automatically generate Legal Opinions if certain criteria are satisfactorily answered by the Seller and the Broker. In this case, information in Client and Broker restriction checklists can include criteria, which is sent in an appropriate format to Company Counsel  103  to facilitate its electronic process.  
         [0046]    Upon Company Counsel&#39;s  103  electronic signature to approve the sale  413 , which can be received via the RSP system  110 , the system can automatically create a Company Counsel  103  Legal Opinion  414 . The opinion can be created, for example, by piecing together standardized language into paragraphs, wherein the language has been previously created and/or approved by Company Counsel  103  and saved in the RSP system  110 . In one embodiment, a merge of information specific to a transaction and the standardized language can create the document. Company Counsel  103  can also edit a document prior to its approval  415 . If the financial institution desires, the Client  101  can monitor the status of the trade through the RSP system  110  website.  
         [0047]    A Client  101  can also send physical documentation to the Transfer Agent  104  and Transfer Custody  108 . Generally, if the Client  101  has been a long time customer of the financial institution, Sales  105  may have already facilitated the Client  101  preemptively converting the restricted physical securities to electronic format.  
         [0048]    A Company Counsel&#39;s  103  electronic approval of the Legal Opinion can be received  416  and cause an alerting notification  417 , such as an email, to be sent to the Transfer Agent  104 . As in previous steps between external parties in the RSP process, a Workflow application or peer-to-peer computing platform can be used between these two parties to automate this information flow and replace the manual process facilitated by the alerting email with hyperlink. If the Transfer Agent  104  needs more reassurance that the Legal Opinion is in order, the Transfer Agent  104  can use a hyperlink contained within the notification to automatically logon to the RSP system  110  and verify. The Transfer Agent  104  can also be given access to the Legal Opinion  418 , such as through an e-mail or hyperlink. In one embodiment, the Legal Opinion can be downloadable, offering the Transfer Agent  104  an opportunity to store the Legal Opinion in an external document management system. The Transfer Agent can then settle the trade using its internal processes &amp; systems.  
         [0049]    Electronic, peer-to-peer computing or a Workflow application can facilitate the immediate recognition of the settlement and notify the RSP system  110  and appropriate internal financial institution groups. The internal financial institution groups can proceed with their usual processes to release proceeds to the Client. If the financial institution desires, the Client can monitor the status of the trade through the RSP system  110  website.  
         [0050]    Productivity Gains can be realized for Company Counsel, Transfer Agent  104  and Front and Back Office of Broker&#39;s operation. Economic Gains can also result from removing lost interest on delayed Client payment.  
         [0051]    Referring now to FIG. 5, an exemplary interface is shown illustrating various fields  501 - 516  of information that can be included in an interactive presentation to collect and/or display data. Interactive areas can be included on a screen for accepting data input and displaying information already contained in associated fields. For example, the interface can include an area for inputting shares held  502 , volume limitations  502 , date of last filing  503 , Role  504 , relation to shareholders  505 , nature/date of stock acquisition  506 , form of payment  507 , private placement  508 , public market purchase  509 ,  145  transaction  510 , or other transaction  511 . In addition, the screen can include whether the client is subject to a trading window  513 , a registration for resale  512 , if there is a restrictive legend on the certificate  514 , any contractual restrictions  515 , or additional comments  516 .  
         [0052]    Another exemplary interface, such as that illustrated in FIG. 6 can include a programmable mechanism for presenting, receiving, organizing, sorting, modifying and general editing of information relating to a stock transaction. In particular, a graphical user interface according to the present invention can include an interactive programmable area for receiving and displaying information relating to an issue being sold  610 , a restriction type  611 , date sold  612 , the client  613 , documents  614  and icons or other programmable links to related documentation  615 . The issue being sold  610  can identify the stock for which shares are going to be sold. The type  611  can be descriptive of the type of restriction that encumbers the stock. Restrictions can include for example, a SEC type restriction, Rule  144  restriction, Rule  145  restriction, Rule  701  restriction, a contractual restriction or other type of restriction. Icons or other programmable interactive device, such as a hyperlink, can be utilized to pull up related documents. For example, an icon may cause a seller letter, broker letter, opinion of counsel, contractual provisions or other document. Documents can be downloaded and stored local to a user for archival purposes.  
         [0053]    In addition, the display can be responsive to user interaction to sort by a selected column, to display a checklist associated with a brokers letter or seller&#39;s letter, or otherwise provide access to supporting detail.  
         [0054]    A number of embodiments of the present invention have been described. Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention. For example, client computers  110   203 - 207  can comprise a personal computer executing an operating system such as Microsoft Windows™, Unix™, Linux or Apple MacOS™, as well as software applications, such as a web browser. RSP access devices  201 - 207  can also be terminal devices, or a palm-type computer WEB access device that adheres to a point-to-point or network communication protocol such as the Internet protocol. Other examples can include TV WEB browsers; terminals and wireless access devices (such as a 3-Com Palm organizer). A computer may include a processor, RAM and/or ROM memory, a display capability, an input device and hard disk or other relatively permanent storage. Interactive graphical user interfaces specifically related to RSP can include any information contained within databases relating to the RSP or derivative of such information.  
         [0055]    Other functionality and details not specifically listed can also be included in the spirit of the present invention. Accordingly, other embodiments are included within the scope of the following claims.