• Thu, 25 Apr 2019, 11:44 PM
  • All times are UTC
  • Edition:
    International
Link copied

CII urges SEC to begin formal comment process on blockchain-based proxy voting

Wed, 06 Feb 2019, 09:31 am UTC

The Council of Institutional Investors (CII) has called upon the U.S. Securities and Exchange Commission (SEC) to encourage the application of blockchain technology to improve the proxy voting process.

In response to the SEC’s solicitation of comments on the proxy process, Kenneth A. Bertsch, executive director of CII, and Jeffrey P. Mahoney, general counsel, have sent an email to the regulator dated January 31.

“In this letter, we suggest specific regulatory relief the SEC could provide to foster the use of innovative technology by permitting issuers to elect to place their equity securities on a private, permissioned blockchain,” they wrote.

Bertsch and Mahoney believe that blockchain technology could improve the existing proxy voting process by ensuring a similar or superior level of privacy, reducing costs, improving efficiency, and strengthening the reliability of the process, among other things.

They said that a blockchain-based system of share provenance could better fulfill the principle that the rights of share ownership, including economic entitlements and voting decisions, belong to beneficial owners, not intermediaries

“We believe the SEC should work directly withprivate sector innovators, alongside issuers willing to adopt these technologies, to develop case-by-case regulatory relief, which may include individual guidance, no-action letters, and/or exemptive orders,” the letter read.

“Accordingly, we recommend that the SEC initiate a formal comment process with respect to potential blockchain-related rulemaking.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,226.49 (-4.48%)
  • Ethereum (ETH) $155.19 (-6.28%)
  • XRP (XRP) $0.290000 (-3.96%)
  • Bitcoin Cash (BCH) $267.14 (-4.05%)
  • Litecoin (LTC) $71.46 (-2.47%)
  • Bitcoin (BTC) $5,226.49 (-4.48%)
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
03:32
Societe Generale issues €100m of covered bonds as security token on Ethereum blockchain
Apr 23, 2019 (Tuesday)
11:47
Blockchain identity startup Civic expands network with 12 automated retail partners
11:02
Binance launches decentralized exchange ‘Binance DEX’ on Binance Chain
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft