Federal Register #SRDTC2026007

SEC Review of DTC Proposed Rule Change on Operational Arrangements for Corporate Action Agents

This notice concerns a proposed rule change by The Depository Trust Company (DTC) and the Securities and Exchange Commission (SEC): - The SEC is reviewing a DTC proposal to update and consolidate its Operational Arrangements for agents processing participant instructions for corporate action offers via the Automated Tender Offer Program (ATOP) and Automated Subscription Offer Program (ASOP) - The proposal would combine agent designations and consolidate multiple agreements into a single master agreement - Procedures for ATOP/ASOP agents would be updated - The SEC has suspended the proposed rule change and initiated proceedings to determine approval or disapproval - The Securities Transfer Association (STA) raised concerns about operational practicality, legal authority, and increased risk for agents - The SEC is inviting public comments on the proposal and its alignment with securities laws - No OEMs, vendors, or procurement of products/services are involved in this notice

Description

The Securities and Exchange Commission (SEC) has issued a notice regarding a proposed rule change filed by The Depository Trust Company (DTC) to amend its Operational Arrangements. The amendment aims to consolidate and update documentation for agents processing participant instructions for corporate action offers through DTC's Automated Tender Offer Program (ATOP) and Automated Subscription Offer Program (ASOP). The proposed changes include combining agent designations, consolidating agreements, and updating procedures. The SEC has temporarily suspended the proposed rule change and instituted proceedings to determine whether to approve or disapprove it, inviting public comments on the matter.

View original listing