美国证监会交易与市场司司长 Selway 谈过户代理规则现代化：代币化证券与创新豁免成焦点
美国证券交易委员会（SEC）交易与市场司司长 Jamie Selway 10 月 29 日在证券过户代理行业年会上发表题为《Transfer Portal》的讲话，阐述证监会全面修订过户代理（transfer agent）规则的提案，并请业界就代币化证券的数字标识与各州无人认领财产规则等两项问题提供意见，SEC 官网公布了讲话全文。
Selway 表示，这项历时多年的现代化提案旨在让过户代理的登记、记录保存、报告与履职标准与时俱进，他呼吁业界提供反馈，尤其是关于成本与收益的实证数据。他回顾了 1975 年《证券交易法》修正案把过户代理纳入 SEC 管辖的历史，并引用时任委员 John Evans 当年的讲话：监管应避免不当、收益须大于负担、成本须压到最低，同时保护投资者与公共利益。
他重点提出委员 Hester Peirce 在提案发布时列出的两个问题：其一，在代币化证券领域，是否应允许过户代理使用电子邮件或钱包地址等数字标识，替代传统的姓名与实体地址要求；其二，如何调整过户代理规则，应对各州无人认领财产（escheatment）法律中「不活跃」标准带来的挑战。
在主席 Atkins 领导下，该司的一个优先事项是以保护投资者为前提、审慎推动代币化证券活动。为此，证监会 9 月 17 日批准了「创新豁免」（Innovation Exemption）：对「代币化证券交易场所」（TSV）给予为期五年、有条件的「交易所」定义豁免，这类场所允许获许可的参与者通过自动做市商交易代币化全国市场系统股票，且代币化股票须与标的证券享有完全相同的权利。Selway 表示，发行人的过户代理在这一新框架中将扮演角色。
他还表示，创新者已开始把私募股权与信贷、房地产、国债回购等多种资产代币化，业界如遇监管障碍可直接向证监会反映；证监会的规则应保持技术中立，关键在于从业者履行监管责任，而非其在链上还是链下操作。Selway 说明，这次讲话以其官方身份发表，言论不必然代表证监会、各位委员或其司内同事的观点。
SEC Trading and Markets Director Selway on Transfer Agent Modernization: Tokenized Securities and the Innovation Exemption
Jamie Selway, Director of the U.S. Securities and Exchange Commission's Division of Trading and Markets, delivered remarks titled “Transfer Portal” on October 29 to the transfer agent industry's annual conference, laying out the Commission's comprehensive proposal to modernize transfer agent rules and inviting feedback on digital identifiers for tokenized securities and on state escheatment laws, according to the full text posted by the SEC.
Selway said the multi-year modernization proposal is meant to update transfer agent registration, recordkeeping, reporting and performance standards, and he asked the industry for feedback, particularly empirical data on costs and benefits. He traced the history back to the 1975 amendments to the Securities Exchange Act, which brought transfer agents into the SEC's ambit, and quoted then-Commissioner John Evans on keeping regulation proper, beneficial and at minimum cost consistent with investor protection.
He highlighted two questions raised by Commissioner Hester Peirce when the proposal was issued: whether transfer agents should be allowed to use digital identifiers such as email or wallet address instead of the traditional name and physical address requirement for tokenized securities, and how to tailor transfer agent rules to the inactivity standards in state escheatment laws.
Under Chairman Atkins, he said, a Division priority is facilitating activity in tokenized securities in a measured fashion that protects investors. The Commission approved the Innovation Exemption on September 17, a five-year conditional exemption from the definition of “exchange” for Tokenized Securities Venues, or TSVs, which allow permissioned participants to trade tokenized NMS stocks via automated market makers; any tokenized NMS stock traded on a TSV must carry the same rights and privileges as the underlying security.
Selway noted that innovators have begun to tokenize assets such as private equity and credit, real estate and treasury repos, and invited the industry to bring regulatory hurdles to the Commission. He said the Commission's rules must be technologically neutral, and that meeting regulatory responsibilities matters more than whether firms operate on- or off-chain. His remarks were delivered in his official capacity and do not necessarily reflect the views of the Commission, the Commissioners or his Division colleagues.
来源：GSM·美国（原文链接）
图片来源：美国证券交易委员会总部大楼正门（GSM 联邦素材包）
