The Securities and Exchange Commission (SEC) has proposed a substantial update to its transfer agent rules, which have not been meaningfully revised since the late 1970s and early 1980s, when the industry still relied heavily on paper certificates and manual recordkeeping. The regulatory agency is seeking public comment within 60 days after the proposal is published in the Federal Register. Last week, the SEC sent a proposed overhaul of custody rules for investment advisers and investment companies to the White House for review, with potential changes covering how firms hold digital assets for clients.
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