Stock Certificates in Brokerage accounts for a securities firm

[Guest bflynn]

I am a Plan sponsor of a Profit Sharing plan

with a 401(k) feature for a small brokerage firm. The Plan is relatively

comlex including Mutual Funds (for non-vested monies), a self directed

brokerage account and our company's stock (privately held). We have some

concern regarding the certificates that are held for benefit of our Plan

participants in these self directed brokerage accounts.

We feel that we need to keep these physical certificates held in the

participants name because if the firm goes under we would have these

certificates and the Plan would be whole. We are protected by SIPC and we

have a fidelity bond for the Plan but how can we protect the Plan if the

firm becomes insolvent? Can we hold these shares in "street" name?