📈Rule 17Ad-16 Compliance Requirements for Transfer Agents
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17Ad-16
Summary
The SEC issued a notice concerning Rule 17Ad-16, requiring registered transfer agents to notify qualified securities depositories of any changes in their services. This rule aims to prevent delays in certificate transfers by ensuring accurate communication between transfer agents and depositories. The notice includes an estimated financial burden for compliance, reflecting the need for thorough record-keeping and notification practices.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The regulatory notice outlines compliance requirements for registered transfer agents under Rule 17Ad-16, specifically regarding the notification process for changes in transfer agent services. This impacts transfer agents financially, as they incur internal compliance costs estimated at over $2 million annually.