SEC Proposes Updating Securities Transfer Agent Rules to Include Blockchain-Based Securities Issuance and Share Transfers

Odaily reports that the U.S. Securities and Exchange Commission (SEC) on September 1 proposed the first major update to securities transfer agent rules since the late 1970s, aiming to adapt to the shift from paper records to electronic data.

SEC Chairman Paul Atkins said the rules should reflect how securities transfer agents actually operate today and in the future, including the use of blockchain technology in securities issuance and share transfers.

Securities transfer agents are responsible for maintaining official records of securities ownership, processing transfers and restrictive legends, and collaborating with the Depository Trust & Clearing Corporation (DTCC) as part of the national clearing and settlement system. (CoinDesk)