Prior to 1975, the functions of transfer agents and registrars was unregulated. The Securities and Exchange Commission (SEC) noted that the substandard performance of transfer agents was a significant contributing factor to the paperwork crunch during the 1967-1970 penod. Congress responded by amending the Securities Exchange Act of 1934 to require the registration of transfer agents. Disclosure is the key to these changes. The SEC indicated that shareholder rights need to receive “adequate expression”. Compliance with this policy requires establishing lines of communication between the issuer and not just the registered owner of a security but also the beneficial owner when the securities are registered in the name of a clearing corporation or a securities depository.
The basic function of the transfer agent is to maintain accurate records of shareholders and of creditors holding registered debt securities. The registrar must maintain accurate records of the number of shares authorized and outstanding, and the amount of debt actually owed and represented by debt securities. The SEC's rules seek to ensure the accuracy of securityholder records and require that there be an accurate posting to keep the records current. The minimum records that must be kept are the "master securityholder file," representing the stockholder ledger on which the transfer agent records the "certificate detail" for each security and the "control book," kept by the registrar, which shows the total number of shares authorized and outstanding on the principal dollar amount of debt authorized and issued.
That includes our TA's handling of CPRK.
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