The Securities and Exchange Commission (SEC) notified that they are seeking approval from the Office of Management and Budget (OMB) to extend the collection of information required under Rule 17Ad-2(c), (d), and (h) of the Securities Exchange Act. This rule requires transfer agents to notify the SEC if they fail to meet specific performance standards. Although there are 740 transfer agents, only about three such notices are filed annually, with each notice taking roughly half an hour to prepare. Interested parties can view and comment on this request through a provided online link or via email by January 30, 2025.
Simple Explanation
The SEC wants to keep an eye on companies called transfer agents to make sure they do their jobs well. If these companies mess up, they need to tell the SEC, but this doesn't happen often.