SEC 提议对代币化证券的转让代理进行全面改革

随着区块链记录保存、代币化证券和自动化系统进入受监管的美国市场，美国证券交易委员会提出了四十多年来首次重大转让代理规则改革。

摘要 SEC 提案将更新注册、记录保存、转移处理和资产保护要求。

链上转账代理将面临涵盖数字记录、网络安全风险和业务连续性的控制。

新标准将管理限制性传说、付费代理服务和外部技术提供商。

公众意见将在《联邦公报》发布后 60 天内开放。

美国证券交易委员会在一项拟议规则中表示，其大部分转让代理要求可以追溯到 20 世纪 70 年代末和 1980 年代初，当时投资者通常持有纸质证书，公司手动处理所有权变更。

转让代理维护发行人的官方所有权记录、登记证券转让并监控公司发行的证券是否超过授权数量。许多公司还处理股息、利息支付、基金赎回和其他公司行为。

根据该提案，委员会将更新涵盖转让代理注册、报告、记录保存、处理时间以及证券和客户资金保护的规则。该计划还引入了对限制性传说、付费代理活动以及第三方服务提供商监督的要求。

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美国证券交易委员会表示：“市场参与者正在积极寻求将区块链原生或‘链上’转让代理引入美国市场。”

据监管机构称，公司正在开发基于区块链的所有权记录、代币化基金管理和跨链互操作性的系统。此类模型可能需要转让代理将股东信息存储在分布式账本上，并管理通过智能合约运行的流程。

SEC 转让代理规则将涵盖数字记录

随着证券记录逐渐不再纸质，美国证券交易委员会表示，其现有要求并未完全解决信息安全、网络安全、灾难恢复或互联系统产生的操作风险。

对规则 17ad-7 的拟议修正案将要求使用电子记录保存系统的转让代理人安装控制措施，保护其记录的完整性、可用性、可重复性、冗余性和连续性。如果公司的系统符合拟议的标准，他们可以继续使用当前的技术。

记录需要受到保护，防止未经授权的更改、删除或破坏。转让代理还必须维护审计跟踪，以确定谁访问、更改或删除了记录，以及每个操作或尝试操作的日期和时间。

For regulatory examinations, firms would need systems capable of immediately producing records in both human-readable and reasonably usable electronic formats.对于损坏、更改或丢失的信息也需要恢复控制。

尽管该提案将适用于区块链系统，但美国证券交易委员会将其方法描述为技术中立。这些规则不会规定一种类型的数据库，也不会要求转账代理采用分布式账本。

Recent registrations show why the distinction matters. 8 月，Injective 机构服务公司获得了转让代理注册，使该公司能够履行与维护和更改证券所有权记录相关的监管职能。

The same report noted that Superstate registered its blockchain-based transfer agent in March 2025 to support tokenized funds, including its Short Duration U.S. Government Securities Fund and Crypto Carry Fund. Such registrations do not exempt the firms or their products from federal securities laws.

维护标准将包括网络风险

对规则 17ad-12 的拟议修改将以涵盖纸质和非认证证券的风险管理框架取代以实物证书为中心的要求。

Registered transfer agents would have to adopt written policies designed to protect securities and funds from theft, loss, misuse, damage, destruction, and unauthorized access.该框架还要求公司识别、监控和减少与其服务相关的材料保管、运营和网络安全风险。

转账代理持有的客户和发行人资金需要保留在指定为“受益人”账户的单独银行账户中。 Under the SEC plan, separating such funds from the transfer agent’s operating money would reduce commingling and help keep customer assets outside the firm’s general estate during insolvency.

业务连续性计划构成了该提案的另一部分。每个转让代理都需要针对可能扰乱运营的事件制定书面程序，包括恢复记录和恢复其职责的步骤。公司必须定期测试、审查和更新他们的计划。

提案中包含的数据显示了受监管活动的规模。在提交 2025 报告年 TA-2 表格的 253 家转让代理中，有 152 家担任记录保存转让代理，126 家提供付费代理服务。 Together, transfer agents distributed about $5 trillion in dividends and interest payments during the year.

对外部公司的依赖也变得普遍。 SEC 数据显示，到 2025 年，44% 的转会代理人至少部分工作使用服务公司，或者向另一家转会代理人提供服务。

Under the proposed framework, using an outside technology or processing company would not remove the registered transfer agent’s regulatory duties. New reporting and oversight requirements would give the SEC more information about the services performed by third parties and the risks created by those arrangements.

Tokenized securities put ownership records in focus

For U.S. investors, a token’s presence on a blockchain does not by itself determine who legally owns the underlying security.过户代理仍然负责官方股东名册，包括因购买、出售和公司行为而产生的变更。

Ownership records can affect voting rights, dividend payments, stock splits, tender offers, and claims during insolvency. Two transfer-agent groups warned the SEC in July that tokens created without an issuer’s approval may not provide the same ownership rights as issuer-backed shares.

Continental Stock Transfer & Trust Company and the Securities Transfer Association asked the regulator to distinguish securities tokenized by an issuer from products created by unrelated platforms. According to the groups, an unaffiliated token may track a stock price or provide an indirect interest in shares without making its buyer a registered shareholder.

Restrictive legends present another recordkeeping issue addressed by the SEC proposal. Such legends identify limits on whether a security can be resold, but the commission’s current rules do not specify a transfer agent’s obligations when investors or issuers request their removal.

拟议的标准将要求制定书面政策来处理图例删除请求和相关文档。 Processing controls are intended to reduce delays while preventing restricted securities from entering the public market without a valid legal basis.

U.S. tokenization projects need regulated infrastructure

Traditional market operators are building systems that depend on the same transfer-agent functions covered by the proposal.洲际交易所于 8 月同意投资 tZERO 并使用其区块链专利，同时为纽约证券交易所附属的代币化证券平台开发基础设施。

Under the arrangement, tZERO will help design digital transfer-agent and broker-dealer systems for issuing, trading, and settling public securities onchain.正如 Crypto.news 9 月 1 日报道的那样，计划中的平台仍需获得监管部门的批准才能开始全天候交易和即时区块链结算。

The commission is separately considering a regulatory route that could let qualified platforms test tokenized U.S. securities under defined conditions. Its 24/7 trading plan could allow eligible products to trade outside regular exchange hours, although the SEC has not announced final eligibility rules or an implementation date.

Transfer-agent oversight forms only one part of the agency’s current rulemaking program. On Aug. 25, the SEC sent proposed custody-rule changes for investment advisers and investment companies to the White House Office of Management and Budget for review.在审查结束并且委员投票决定是否发布该提案之前，涵盖合格托管人和加密资产的完整要求不会公开。

5月，监管机构还提议允许国内上市公司用一份半年度Form 10-S报告取代三份季度Form 10-Q报告。单独的修正案将简化申报者分类，并允许更多公司使用简化的证券发行注册程序。

转让代理人的任何修改都不是最终的。 Interested parties will have 60 days from the proposal’s publication in the Federal Register to submit comments, after which SEC staff may revise the text before placing a final rule before the commission for another vote.