Digital Chamber Urges SEC to Change Proposed Transfer-Agent Rules

The Digital Chamber submitted a comment letter to the SEC on its proposed transfer-agent rules. The group is urging changes that would expand the ways issuers and transfer agents can record securities ownership. The Digital Chamber wants the SEC to recognize distributed ledger technology (DLT) as the official master record of securityholders. It also wants issuers and transfer agents to retain the option to use different recordkeeping structures for securities from the same issue. The group called for an actual-knowledge standard instead of new gatekeeping obligations. The recommendations address how transfer agents handle ownership records and changes in ownership. The SEC’s proposed transfer-agent rules , issued Sept. 1, would allow transfer agents to use blockchain-based systems to record ownership and transfer securities.

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