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For the first time in four decades, the SEC is rewriting the rules for transfer agents, the firms that keep the official record of who owns a company’s shares. The biggest change is that this record could live on a blockchain, as long as the agent keeps “exclusive control.” The proposal never defines that term. In Episode 106 of SEC Roundup, Nick Morgan talks with Rodrigo Seira of Cooley and Scott Walker, chief compliance officer at a16z, about what this means for advisors, broker-dealers and their clients. They cover whether onchain records could give investors back a direct line to issuers or just add a layer on top of street name. They also discuss what a first-ever compliance program mandate (Rule 17Ad-30) will cost small agents, and whether the new restrictive-legend rules (17Ad-31) help or hurt holders of restricted stock. Comments are due November 3.
Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm focused exclusively on SEC overreach and fair access to capital markets. The SEC's three mandates are to protect investors, keep markets fair and facilitate capital formation, and they work together. Real protection means going after fraud, not locking people out. Choice is the protection. Join our email list: https://www.icanlaw.org/newsletter-signup
