17 CFR § 240.17Ad-20

17 CFR · Commodity and Securities Exchanges

§ 240.17Ad-20 — Issuer restrictions or prohibitions on ownership by securities intermediaries.

TitleTitle 17: Commodity and Securities Exchanges PartPart 240: General Rules and Regulations, Securities Exchange Act of 1934

SourceeCFR (current through Apr 6, 2026)

This text of 17 C.F.R. § 240.17Ad-20 (Issuer restrictions or prohibitions on ownership by securities intermediaries.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

17 C.F.R. § 240.17Ad-20 (2026).

Text

§ 240.17Ad-20 Issuer restrictions or prohibitions on ownership by securities intermediaries.

(a)Except as provided in paragraph (c) of this section, no registered transfer agent shall transfer any equity security registered pursuant to section 12 or any equity security that subjects an issuer to reporting under section 15(d) of the Act (15 U.S.C. 78l or 15 U.S.C. 78o(d)) if such security is subject to any restriction or prohibition on transfer to or from a securities intermediary in its capacity as such.

(b)The term securities intermediary means a clearing agency registered under section 17A of the Act (15 U.S.C. 78q-1) or a person, including a bank, broker, or dealer, that in the ordinary course of its business maintains securities accounts for others in its capacity as such.

(c)The

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§ 240.17Ad-20 Issuer restrictions or prohibitions on ownership by securities intermediaries.

(a) Except as provided in paragraph (c) of this section, no registered transfer agent shall transfer any equity security registered pursuant to section 12 or any equity security that subjects an issuer to reporting under section 15(d) of the Act (15 U.S.C. 78l or 15 U.S.C. 78o(d)) if such security is subject to any restriction or prohibition on transfer to or from a securities intermediary in its capacity as such.

(b) The term securities intermediary means a clearing agency registered under section 17A of the Act (15 U.S.C. 78q-1) or a person, including a bank, broker, or dealer, that in the ordinary course of its business maintains securities accounts for others in its capacity as such.

(c) The provisions of this section shall not apply to any equity security issued by a partnership as defined in rule 901(b) of Regulation S-K (§ 229.901(b) of this chapter).

[69 FR 70862, Dec. 7, 2004]