SEC proposes transfer-agent rules that address electronic records and blockchain

The SEC proposed updates to registered transfer-agent rules and forms on 1 September. The agency said the framework had not received a substantive overhaul since its first rules in the late 1970s and early 1980s, while the services and technology used by transfer agents had expanded.

The proposal addresses electronic recordkeeping, communications and the use of blockchain in securities offerings and share transfers. It would amend existing requirements, remove one rule and introduce others. It remains a proposal: the public-comment period runs for 60 days after Federal Register publication. The announcement does not turn every blockchain record into an approved securities register or exempt tokenised offerings from other applicable requirements.