CTF Written Submission
Final Report on the Work of the Task Force on Securities Holding Infrastructure: Part Two*
April 14, 2025
- The intermediated securities holding infrastructure in the United States has been developed to address the problems of the direct-holding system, primarily to facilitate trading, clearance, and settlement for securities transactions in the public securities markets.
- The Task Force recommends an independent benefit-cost analysis and study of the securities holding infrastructure to assess the problems and potential modifications, including the preservation of current benefits and the roles of existing market participants.
- The report identifies two main problems with the current infrastructure: the lack of transparency in identifying beneficial owners and the absence of privity between beneficial owners and issuers, which impairs the exercise of legal entitlements.
Last Reviewed or Updated: April 15, 2025