Transfer Agents Perform Three Main Functions: Phoenix American
According to the Securities and Exchange Commission, 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 shareholders. In addition, transfer agents act as a proxy agent (sending out proxy materials), an exchange agent (exchanging a company’s stock or bonds in a merger), a tender agent (tendering shares in a tender offer), and a 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.
Read More: What Is A Transfer Agent?
Contact Details:
sales@phxa.com
415–485–4500
2401 Kerner Blvd, San Rafael, CA 94901, United States
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