The Securities and Exchange Commission (SEC) is seeking public comments on the extension of a rule involving information collection from registered recordkeeping transfer agents. This rule, known as Rule 17Ad-11, requires these agents to report discrepancies in security records, particularly when issues with record differences have not been resolved for over 30 days. The SEC estimates that the overall burden on these agents is minimal, with each report taking about 30 minutes to complete. Comments on the necessity and effectiveness of this reporting requirement are welcomed until February 3, 2025.
Simple Explanation
The SEC wants people to tell them if they think a rule about reporting mistakes in record-keeping is useful. This helps them decide if fixing mistakes is quick and easy; they’d like to hear from everyone by February 2025.