What is the proper treatment of GTC orders when the underlying stock has a CUSIP or symbol change?

Question

For example, does the broker cancel the order back to the client, or should a revised order by placed on behalf of the client with the new CUSIP or symbol information?

Answer 1

I would contact the client, inform them of the situation (there is an underlying reason why the symbol has changed - merger, takeover, etc) and let the client decide if they still wanted GTC, Fill or Kill, Market order, etc