SEC Proposes Electronic Filing of Transfer Agent Forms

Washington, DC, September 11, 2006 - The SEC recently proposed to require that transfer agents file electronically all forms with respect to registration, annual reporting, and withdrawal from registration. The forms would be filed on the Commission’s EDGAR database in XML format and would be accessible to Commission staff and the public for search and retrieval.

Background
According to the SEC, the proposed rulemaking would improve the Commission’s ability to utilize the information reported on forms in performing its oversight function of transfer agent operations and to publicly disseminate the information on the forms.

The SEC has developed a new application in EDGAR called EDGARLite, that filers would use to prepare an electronic version of transfer agent forms and to submit the forms to EDGAR over an Internet connection.

ICI Position
The Institute has expressed strong support for a recent efforts to make greater use of the Internet, including an NYSE proposal requiring listed companies to make their annual reports to shareholders available online, and an SEC proposal permitting issuers to use the Internet to furnish proxy materials to shareholders. Earlier this year, ICI announced an initiative to expand the use of data tagging in electronic mutual fund filings, enabling fund investors and advisers to easily summon up and compare information on hundreds of funds.

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