The Securities and Exchange Commission proposed the first substantive update to its transfer agent rules since the early 1980s on Tuesday. ^[1] The U.S. Securities and Exchange Commission (SEC) and the U.S. Food and Drug Administration (FDA) announced on 2026-08-31 that they entered into a Memorandum of Understanding (MOU) to enhance cooperation in regulatory and enforcement responsibilities. ^[2] Commissioner Hester Peirce said the proposal was more than a decade in the making and invited comment on its implications for tokenization. ^[3] Proposed additions to Form TA-2 would require agents to report how many issues have their master securityholder file on a distributed ledger. ^[4] The proposed rules require transfer agents to disclose issues recorded on distributed ledgers and to break out tokenized issues by model. ^[5] Acting FDA Commissioner Kyle Diamantras J.D. said that streamlining information-sharing with the SEC helps protect patients who rely on FDA-regulated products and the public trust that drives healthcare innovation. ^[6] SEC Chairman Paul S. Atkins said that FDA-related disclosures by public companies have a significant impact on the markets and that the FDA is a valuable partner in administering and enforcing disclosure requirements under federal securities laws. ^[7] The MOU establishes a framework for information-sharing protocols to facilitate the exchange of information between the SEC and FDA that is relevant to both agencies' missions. ^[8]