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SEC Commissioners Want New Rules for Transfer Agents

Joe Mont | June 12, 2015

In an increasingly rare display of unity among members of the Securities and Exchange Commission, Democrats Kara Stein and Luis Aguilar, and Republicans Daniel Gallagher and Michael Piwowar, say the Commission needs to dust off decades-old transfer agent rules.

“The Commission has not significantly revised its transfer agent rules in almost 30 years, a period that has witnessed sweeping changes in the securities industry, particularly in transfer agents’ activities,” Aguilar and Gallagher wrote in a joint statement released on June 11. “As a result, the Commission’s anachronistic transfer agent rules and the services that the nation’s roughly 450 transfer agents provide today are out of sync.”

Companies that have publicly traded securities typically rely upon transfer agents as an intermediary to keep track of the...

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