SEC proposes modernized transfer agent rules and forms

The U.S. Securities and Exchange Commission (SEC) has proposed a comprehensive overhaul of the rules governing registered transfer agents, publishing the proposal in the Federal Register on September 4, 2026. The rulemaking would adopt new rules, amend existing ones, revise the registration form Form TA-1 and the annual reporting form Form TA-2, and rescind an existing rule, directly affecting securities clearing and settlement firms. The proposal appears in Federal Register Vol. 91, No. 171, under Release No. 34-106246 and File No. S7-2026-30.

Scope of the proposal

The SEC is proposing to amend, rescind, or add a series of rules under the Securities Exchange Act of 1934, spanning 17 CFR Parts 240 and 249b. The package is designed to modernize the rules governing registered transfer agents, which maintain securityholder records and process transfers for issuers and mutual funds.

Amend Form TA-1 (17 CFR 249b.100) and Form TA-2 (17 CFR 249b.102).
Amend rules 17ac2-1, 17ac2-2, and 17ad-1 through 17ad-3, 17ad-6, 17ad-7, 17ad-9 through 17ad-13, and 17ad-17.
Rescind Rule 17ad-4 (17 CFR 240.17Ad-4).
Add new Rule 17ad-30 and Rule 17ad-31 (17 CFR 240.17ad-30 and 240.17ad-31).

Registration and reporting changes

The amendments to Form TA-1 would update the information transfer agents must provide when registering with the Commission, including file numbers and Financial Industry Number Standard (FINS) identifiers. Changes to Form TA-2 would revise the annual reporting of transfer agent activities. The proposal also addresses recordkeeping obligations, including requirements for transfer agents that use third parties for recordkeeping to obtain legally binding written agreements and maintain independent access to records.

Comment period and contacts

Comments on the proposal must be received on or before November 3, 2026, and may be submitted electronically through the SEC’s internet comment form or by email to rule-comments@sec.gov, referencing File No. S7-2026-30. The proposal is being handled by the Office of Clearance and Settlement in the Division of Trading and Markets, with Elizabeth Fitzgerald as Assistant Director and Tina Barry and Kevin Schopp as Senior Special Counsels, alongside Special Counsels Bryant Eng, Ron Carny, and Scott Farnin.

The rulemaking marks a significant update to the framework governing registered transfer agents, which play a central role in the U.S. securities clearing and settlement infrastructure. If adopted, the new rules and forms would reshape how transfer agents register, report, and maintain records, with direct implications for issuers, mutual funds, and the firms that process securities transfers.

Source: Federal Register, Vol. 91, No. 171, September 4, 2026, Proposed Rules (official reference: Release No. 34-106246, File No. S7-2026-30, RIN 3235-AL55; FR Doc. 2026-18190).