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Friday, April 05, 2024 6:37:00 PM
The TA does what the company requests. Including issuing new stock and such.
Transfer Agents
Companies that have publicly traded securities typically use transfer agents to keep track of the individuals and entities that own their stocks and bonds. Most transfer agents are banks or trust companies, but sometimes a company acts as its own transfer agent.
Transfer agents perform three main functions:
Issue and cancel certificates to reflect changes in ownership. For example, when a company declares a stock dividend or stock split, the transfer agent issues new shares. Transfer agents keep records of who owns a company’s stocks and bonds and how those stocks and bonds are held—whether by the owner in certificate form, by the company in book-entry form, or by the investor’s brokerage firm in street name. They also keep records of how many shares or bonds each investor owns.
Act as an intermediary for the company. A transfer agent may also serve as the company’s paying agent to pay out interest, cash and stock dividends, or other distributions to stock- and bondholders. In addition, transfer agents act as proxy agent (sending out proxy materials), exchange agent (exchanging a company’s stock or bonds in a merger), tender agent (tendering shares in a tender offer), and mailing agent (mailing the company’s quarterly, annual, and other reports).
Handle lost, destroyed, or stolen certificates. Transfer agents help shareholders and bondholders when a stock or bond certificate has been lost, destroyed, or stolen.
The Bottom Line
Companies use transfer agents to keep track of the individuals and entities that own their stocks and bonds. Most of the time they get these agents from third parties, such as trust companies, banks, or similar financial institutions.
The main duties of a transfer agent are to keep a record of who owns a company’s stocks and bonds, issue and cancel certificates to reflect changes in ownership, and payout distributions, and send useful information to stakeholders, such as annual reports and how to vote at meetings. The transfer agent essentially acts as a liaison between a company and its investors.
https://www.sec.gov/fast-answers/answerstransferagent
https://www.investopedia.com/terms/t/transferagent.asp
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