SEC Orders Firms to Track Down Missing Investors for Free
Published Date: 6/30/2025
Notice
Summary
The SEC wants to keep a rule that makes certain financial companies search for lost investors’ addresses and notify missing payees, all free of charge. About 3,500 companies spend lots of time and money—over 228,000 hours and $6.6 million yearly—doing these searches and keeping records for at least three years. The SEC is asking for public feedback before extending this rule to keep investors connected and protected.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Recordkeeping and Compliance Costs
Covered entities must keep records relating to the searches and notifications for not less than three years and comply with mandatory recordkeeping. The SEC estimates an aggregate annual burden of about 228,694 hours and aggregate annual costs of approximately $6,617,298, primarily payments to third-party database providers.
Free Searches for Lost Investors
The rule requires certain transfer agents and broker-dealers to run two address searches for lost securityholders using an information database at no charge to the lost securityholders. The Commission estimates the rule applies to about 489 broker-dealers and transfer agents and results in 183,813 hours per year for searches.
Paying Agents Must Notify Lost Payees
Paying agents are required to attempt to notify lost payees at least once, which the SEC estimates imposes about 38,913 hours annually for paying-agent notifications. This requires paying agents (including carrying firms, indenture trustees, and custodians) to make at least one notification attempt to missing payees.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-12007 — Proposed Collection; Comment Request; Extension: Rule 701, Exemption for Offers and Sales of Securities Pursuant To Certain Compensatory Benefit Plans and Contracts Relating to Compensation
The SEC wants to keep Rule 701 going, which helps companies give stock or options to employees without lots of paperwork. About 3,700 companies use this rule, spending time and money to follow it, mostly on outside experts. The SEC is asking for your thoughts on how this rule works and its costs before they decide to extend it.
Next: 2025-12010 — National Register of Historic Places; Notification of Pending Nominations and Related Actions
The National Park Service wants your thoughts on cool historic places nominated before June 7, 2025, to be officially recognized. If you care about history or local landmarks, now’s the time to speak up! This process helps protect special spots without costing you a dime.