From Computershare's letter on S7-05-22 (T+1): "we are concerned with the risk that broker-dealer practices and processes may restrict efficient access to the market for retail investors who exercise their right to be directly registered with the issuer"
https://contentassets.computershare.com/eh96rkuu9740/6TV3ss07zhBdiXA1KDnu68/9ab3348fe960e61140b8aede763edc59/2022_SEC_T_1_Consultation_Response__Computershare.pdf
Impact on retail investors:
As settlement cycles shorten, we are concerned with the risk that broker-dealer practices and processes may restrict efficient access to the market for retail investors who exercise their right to be