Transfer Agents Must Still Notify Depositories—15 Minutes at a Time
Published Date: 3/4/2025
Notice
Summary
The SEC wants to keep a rule that makes transfer agents quickly tell the right securities depository when they start, stop, or change their info. This helps avoid delays in moving certificates. Transfer agents spend about 15 minutes and $96 each time they send these notices, totaling over $1.5 million a year, but the process is simple and keeps things running smoothly.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Transfer Agents’ Notice Requirement
If you are a registered transfer agent, you must give written notice to the correct qualified registered securities depository when you start or stop transfer agent services or change your name or address, and you must keep that notice for at least two years. The SEC estimates 16,412 notices per year, about 15 minutes each (4,103 hours total), with an average internal compliance cost of $96 per notice and an industry-wide cost of $1,575,552 annually.
Reduces Certificate Transfer Delays
The rule is intended to prevent certificate transfer delays by ensuring transfer agent notices go to the right depository so transfer requests are not sent to the wrong agent or address. This helps keep securities certificate transfers running smoothly and reduces the chance your transfer will be delayed.
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