Notice2025-19065
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Underwriting Service Guide and Operational Arrangements
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 187 (Tuesday, September 30, 2025)</title>
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[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 47068-47072]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19065]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104095; File No. SR-DTC-2025-015]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the Underwriting Service Guide and Operational Arrangements
September 26, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that on September 25, 2025, The Depository Trust Company
(``DTC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the clearing agency.
DTC filed the proposed rule change pursuant to Section 19(b)(3)(A) of
the Exchange Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change \5\ consists of amendments to Underwriting
Guide and OA to (i) enhance the securities eligibility processes within
DTC's Underwriting Service through implementation of a process called
``Rapid Issuance,'' \6\ (ii) update language and details to account for
DTC's modernization process, including the technical migration of
access to certain functions from one user interface to another, (iii)
clarify requirements and practices in the confirmation process, and
(iv) make technical, clarifying, and conforming changes.
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\5\ Capitalized terms not defined herein are defined in the
Rules, By-Laws and Organization Certificate of DTC (``DTC Rules''),
the DTC Operational Arrangements (Necessary for Securities to Become
and Remain Eligible for DTC Services) (``OA''), and the DTC
Underwriting Service Guide (``Underwriting Guide''), each available
at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
\6\ Any future fee associated with the issuance of securities
made eligible through Rapid Issuance is not the subject of this
proposal but, instead, would be the subject of a subsequent proposed
rule change.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, the clearing agency included
statements concerning the purpose of and basis for the proposed rule
change and discussed any comments it received on the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. The clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to amend the
Underwriting Guide and OA to (i) enhance the securities eligibility
processes within DTC's Underwriting Service through implementation of a
process called ``Rapid Issuance,'' (ii) update language and details to
account for DTC's modernization process, including the technical
migration of access to certain functions from one user interface to
another, (iii) clarify requirements and practices in the confirmation
process, and (iv) make technical, clarifying, and conforming changes.
(i) Background
DTC, through its Underwriting Service, supports the financial
industry by making securities eligible for depository services. This
enables Participants to distribute new and secondary offerings quickly
and economically via electronic book-entry delivery and settlement
through DTC. Most eligible securities are introduced into the DTC
system through its Underwriting Department. Securities can be credited
to the accounts of underwriters who are Participants or correspondents
of Participants working through Participant accounts and distributed to
the market by delivery to other Participants.\7\
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\7\ See OA, supra note 5 at 6-7.
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Only a Participant, or its correspondent, may submit a request to
make a security eligible for DTC services. The Participant or
correspondent (also referred to in the Underwriting Guide and OA as the
``underwriter'') seeking to make a security eligible for DTC services
must provide an eligibility request by submitting certain required
issuer and securities data and related offering and other eligibility-
related documents to DTC through a designated platform for a given
security type. These platforms include the online Securities
Origination, Underwriting and Reliable Corporate Action Environment
(``UW SOURCE'') and Underwriting Central (``UWC''). UW SOURCE is
currently used for processing eligibility requests of security types
other than electronic certificates of deposit (``E-CDs'') and money
market instruments (``MMI Securities''),\8\ which are processed through
UWC.\9\
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\8\ MMI Securities are short-term debt securities that typically
have maturities of one year or less. These instruments are used by
governments, financial institutions, and corporations to manage
their short-term funding needs and liquidity. Common types of MMI
Securities include Treasury bills, commercial paper, and
certificates of deposit.
\9\ See OA, supra note 5 at 6-7 and the Underwriting Guide,
supra note 5 at 11. See also Securities Exchange Act Release Nos.
90895 (Jan. 11, 2021), 86 FR 4151 (Jan. 15, 2021) (SR-DTC-2020-017)
(``E-CD Release'') and 102841 (April 11, 2025), 90 FR 16188 (April
17, 2025) (``MMI Release'').
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While existing processes allow for processing of eligibility
requests for non-MMI Securities in an efficient manner, DTC has
identified opportunities for enhancement. More specifically, the modern
features of UWC present an opportunity for the development of the
proposed Rapid Issuance process, which would provide more efficient
processing for non-MMI Securities and can be issued continuously via
shelf offerings,\10\ similar to the existing ``rapid issuance'' process
for MMI Securities, which facilitates eligibility and continuous
issuance of multiple MMI Securities with minimal manual intervention.
However, Rapid Issuance will be dedicated to eligibility processing and
[[Page 47069]]
issuance for certain non-MMI Securities, which are also issued through
continuous offerings.
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\10\ A shelf offering is a type of offering in which a company
can ``tee up'' a new issue of securities without having to sell the
entire issue at once. This allows the company to sell portions of
the issue over a period of time as market conditions become
favorable or as the company needs capital. Shelf offerings provide
companies with flexibility and the ability to time their offerings
to take advantage of favorable market conditions. They reduce the
costs and administrative burdens associated with multiple separate
offerings.
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(ii) Proposed Rule Changes
UWC, a modern platform currently used for eligibility processing
for E-CDs and MMI Securities, offers an integrated user experience that
reduces the need for manual documentation processing outside the
system. Its modern design also provides a foundation for future
enhancements to eligibility services, as it is streamlined, resilient,
and aligned with the needs and usability standards of Participants and
issuers.
To expand the use of UWC's modern design and streamlined
functionality, DTC proposes to implement Rapid Issuance for processing
shelf offerings of non-MMI Securities. While continuously issued
securities for non-MMI shelf offerings may be made eligible and issued
through UW SOURCE or the MMI system today, Rapid Issuance will offer
benefits over both systems for eligibility and issuance of non-MMI
Securities.
A key benefit of Rapid Issuance involves streamlined eligibility
processes, especially for those securities currently processing through
UW SOURCE, which requires a new eligibility request per CUSIP.\11\
Rapid Issuance will allow multiple CUSIPs to be made eligible at once,
similar to the MMI system for MMI Securities, by requiring the issuer
or Participant for the issue to provide a list of base CUSIP numbers
(``CUSIP List'') that would be used for upcoming issuances of that
type.\12\
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\11\ A CUSIP number is the identification number created by the
American Banking Association's Committee on Uniform Security
Identification Procedures (``CUSIP'') to uniquely identify issuers
and issues of securities and financial instruments. See Committee on
Uniform Securities Identification Procedures, available at
<a href="http://www.aba.com/about-us/our-story/cusip-securities-identification">www.aba.com/about-us/our-story/cusip-securities-identification</a>. See
Underwriting Guide, supra note 5 at 13.
\12\ The availability of a list of multiple CUSIPs facilitates
the ability for an issuer to issue new Securities through DTC
without further manual intervention by DTC.
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Rapid Issuance will also accommodate complex payment structures
typically associated with certain non-MMI Securities, such as
structured notes, which may have floating rates, rather than more
simple structures typical of MMI Securities. Eligible non-MMI
Securities will benefit from such flexibility when offered through
Rapid Issuance rather through other means.
DTC notes that implementation of Rapid Issuance will not preclude
Participants or correspondents from making eligibility requests of non-
MMI Securities via UW SOURCE or the MMI system in UWC, if the
applicable non-MMI Securities are eligible for those systems today.
Rather, Rapid Issuance provides an alternative and more specialized
path to eligibility for certain non-MMI Securities, in addition to the
existing methods. It is DTC's expectation that Participants and
correspondents will transition over to Rapid Issuance given the
benefits offered.
To implement Rapid Issuance, and make other technical and
clarifying changes, the Underwriting Guide and OA would be amended as
set forth below.
Underwriting Guide Amendments
First, the Underwriting Guide's ``New Issue Eligibility'' section
will be updated to reflect the ongoing modernization of DTC's systems
and the availability of the Rapid Issuance system. The text will
include a descriptive paragraph stating that UW SOURCE is the primary
application for new issue eligibility requests. However, as part of an
effort to modernize the Underwriting systems, UWC has been implemented
for processing MMIs and E-CDs. It will also state that Rapid Issuance
will be available through UWC for expedited eligibility of eligible
non-MMI Securities.
Second, a subsection will be added describing Rapid Issuance and
stating that it may be used for structured notes offered using the same
base prospectus in a shelf offering.\13\ It will explain that all
CUSIPs for structured notes issued under the same base prospectus will
be reviewed for eligibility,\14\ allowing securities to be issued in an
expedited manner because the eligibility review will already have been
completed.
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\13\ A base prospectus is a legal document that provides
detailed information about a securities offering, including the
terms, issuer, and risks involved. It serves as a foundational
document for multiple securities issuances over time, allowing
issuers to offer new securities without having to file a new
prospectus for each issuance.
\14\ The related process of obtaining a CUSIP List will be
covered in the OA, as described below.
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Third, the section titled ``Closings'' will be updated for a
technical change to reflect the current closing process for new issues.
Prior to the creation of UWC, all new issuances required an underwriter
and the agent for the issuer to participate in a closing call with DTC
to confirm positions to be credited to the underwriter's account.
Positions credited through UWC do not require a closing call but are
confirmed systemically. Therefore, the text describing this process
will be updated to clarify that closings for new issues submitted
through UW SOURCE require a closing call with the underwriter and
issuer's agent, while closing confirmations for issues submitted
through UWC are made systemically using DTC's Securities Processing
Application (``SPA'').
Fourth, text under the ``Closings'' section stating that it is the
responsibility of the DTC Closing area to ensure that securities are
credited to an underwriter's account will be updated to refer to the
process of the issuer or its agent or underwriter confirming
appropriate details with DTC. This change provides clarification that
it is the parties effecting the issuance that proactively take action
to ensure closing occurs.
Fifth, a subsection under ``Closings'' titled ``Associated
Participant Terminal Functions (PTS)'' that lists related system
functions would be revised. This section refers to the availability of
the ``FRAC'' and ``GWIZ'' functions through DTC's Participant Terminal
System (``PTS''). The FRAC function which allows an agent to confirm or
reject the balance of securities being issued, as set forth on a FAST
Underwriting Shipment Control List,\15\ is currently accessed through
PTS, but will be migrated to SPA. The text would also be revised to
note that the GWIZ function, which is used to look up and view DTC
eligible security information on DTC's master file, is now called
``Security Detail'' and can be accessed through the Participant Browser
System (``PBS''). The title of the section would accordingly be changed
from ``Associated Participant Terminal System (PTS) Functions'' to
``Associated Functions.''
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\15\ The FAST Underwriting Shipment Control List is provided by
DTC and used by transfer agents to confirm or reject ledger entries
representative of newly issued securities being deposited into DTC.
By approving the FAST Underwriting Shipment Control List during
issuance creation, the transfer agent is signifying that they
possess a global certificate registered in DTC's nominee name and it
balances to the amount that is to be issued.
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OA Amendments
First, Section II.A.1.a. (MMI CUSIPS), which currently provides the
requirements relating to CUSIP Lists for MMI Securities, will be
updated to reflect the addition of Rapid Issuance and related CUSIP
List requirements. It will include the requirements that the issuer or
underwriter making an eligibility request for a non-MMI Security via
Rapid Issuance must obtain a CUSIP List from CUSIP Global Services and
require an additional CUSIP List to be obtained once a certain number
of CUSIPs remain unassigned. Consistent with the current
[[Page 47070]]
requirements for MMI Securities, the issuer for securities issued
through Rapid Issuance will be required to obtain a CUSIP List of 900
CUSIPs for debt securities and 79 CUSIPs for equity securities.
Accordingly, this section would be renamed from ``MMI CUSIPs'' to ``MMI
and Rapid Issuance CUSIPs.'' It will also clarify that CUSIP Lists are
separately assigned by registration or exempt status of the securities,
i.e., registered, Reg 144A, Reg S, etc.
Second, Section I.A.1. (Submission of an Eligibility Request to
DTC), which outlines the responsibilities of agents in confirming the
features and attributes of new securities issued through DTC's
Underwriting Department, will be revised. Specifically, the paragraph,
which previously focused on the confirmation process for UW SOURCE
requests, will clarify agent responsibilities and specify how agents
must complete a confirmation of the securities' features and attributes
provided by the underwriter for both UW SOURCE and UWC submissions. It
will clarify that the agent confirmation for UW SOURCE submissions must
be supplied by email to DTC's Underwriting Department. This email will
confirm the new issue's features and attributes based on the security
type. The paragraph will also include a reference to a new ``Asset
Services Central'' portal,\16\ where agents must systemically confirm
securities issued through UWC.
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\16\ Asset Services Central provides issuers, agents and third
parties with a single view of all of their DTC Asset Services
activity that would otherwise be viewed separately through other
service sites or email.
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Third, consistent with the changes relating to FRAC described
above, Sections II.B.1. (Possession and Inspection) will be updated to
reflect that confirmations made using FRAC will be performed on SPA,
rather than PTS and PBS.
Fourth, Section II.B.2.b.(FRAC) will be revised to clarify text
relating to closing on an issue. The text will be revised to clearly
state that a Participant will not be credited unless DTC's Underwriting
Department receives confirmation that the underwriter and the agent
agree on the number of securities to be issued.
Fifth, Exhibit B of the OA, which contains a table of
``Underwriting Standard Time Frames'' with headings for ``information
and/or Materials Needed'' (``Column A'') and Time Frame (``Column B'')
will be amended for technical and clarifying changes as follows:
a. A subheading stating that the table contains ``Information and/
or Materials Needed by DTC to Process an Underwriting and Notify
Participants in a Timely Fashion'' would be revised to replace
``Underwriting'' with ``Eligibility Submission'' and ``Notify DTC
Participants'' with ``Close the Issuance.'' This change more accurately
reflects the activity the table is intended to cover.
b. An entry in Column A containing a note referring to UW SOURCE as
indicating to a submitter the data that is required with a submission,
will be revised to replace ``UW SOURCE'' with ``The DTC user
interfaces.'' This change reflects the availability of UWC for certain
issuance types.
c. An entry in column A referring to confirmations via FRAC will be
revised to reflect that FRAC is available on SPA rather than PBS. A
corresponding entry in Column B stating ``. . . in no event will credit
be given to a Participant's account without the Underwriting Department
having received closing call information from the underwriter and
Agent'' will be revised to state ``. . . in no event will credit be
given to a Participant's account without the Underwriting Department
having received confirmation from both the underwriter and Agent that
they are in agreement on the positions to be credited to the
underwriter's account.'' This change makes the text consistent with a
change described above where details of UWC closings are provided
systemically and do not require a closing call, and also clarifies that
the underwriter and agent must agree.
Implementation Date
The proposed rule change would be implemented on November 3, 2025.
2. Statutory Basis
DTC believes that the proposed rule change is consistent with the
requirements of the Exchange Act, and the rules and regulations
thereunder applicable to a registered clearing agency. Specifically,
DTC believes that the proposed rule change is consistent with Section
17A(b)(3)(F) of the Exchange Act \17\ for the reasons described below.
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\17\ 15 U.S.C. 78q-1(b)(3)(F).
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Section 17A(b)(3)(F) of the Exchange Act requires, in part, that
the rules of a clearing agency, such as DTC, be designed to promote the
prompt and accurate clearance and settlement of securities
transactions.\18\ As described above, the proposed rule change would
amend the Underwriting Guide and OA, to (i) enhance the securities
eligibility processes within DTC's Underwriting Service through
implementation of Rapid Issuance, (ii) update language and details to
account for DTC's modernization process, including the technical
migration of access to certain functions from one user interface to
another, (iii) clarify requirements and practices in the closing and
confirmation process, and (iv) make technical, clarifying, and
conforming changes.
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\18\ Id.
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These proposed amendments to the Underwriting Guide are designed to
enhance the efficiency and accuracy of the clearance and settlement of
securities transactions. By modernizing the systems and processes
involved in new issue eligibility and closing procedures, these changes
aim to streamline operations and reduce the potential for errors.
First, the update to the ``New Issue Eligibility'' section reflects
the integration of the Rapid Issuance system and the implementation of
UWC for processing MMIs and E-CDs. This modernization effort ensures
that new issue eligibility requests are processed more swiftly and
accurately.
Second, the addition of a subsection on Rapid Issuance for
Securities using the same base prospectus in a shelf offering
introduces a more efficient process for prequalifying non-MMI CUSIPs.
This allows for expedited issuance of securities, thereby promoting
prompt and accurate settlement.
Third, the changes to the ``Closings'' section clarify the current
closing process for new issues. By eliminating the need for a closing
call for positions credited through UWC and confirming these positions
systemically, the amendments reduce the time and effort required for
closing transactions, enhancing overall efficiency.
Fourth, the clarification in the ``Closings'' section that the
responsibility for ensuring securities are credited to an underwriter's
account lies with the issuer or its agent or underwriter emphasizes the
proactive role of these parties in the closing process. This change
ensures that all parties involved are aware of their responsibilities,
thereby reducing the risk of errors and delays.
Last, the revision of the ``Associated Participant Terminal
Functions (PTS)'' section to reflect the proposed migration of the FRAC
function from PTS to SPA and the renaming of GWIZ to Security Detail
and its availability on PBS ensures that the guide accurately
represents functions that would be in use and how they are accessed.
Renaming the section as ``Associated Functions'' provides clarity that
the
[[Page 47071]]
applicable functions would no longer be available on PTS. These updates
promote the accurate processing of securities transactions by providing
clear and up-to-date information on the available functions.
The proposed amendments to the OA are also designed to enhance the
efficiency and accuracy of the clearance and settlement of securities
transactions.
First, the update to Section II.A.1.a. (MMI CUSIPS) reflects the
addition of Rapid Issuance and related CUSIP List requirements. This
modernization effort ensures that new issue eligibility requests are
processed more swiftly and accurately, leveraging the capabilities of
Rapid Issuance.
Second, the revision to Section I.A.1. (Submission of an
Eligibility Request to DTC) outlines the responsibilities of agents in
confirming the features and attributes of new securities issued through
DTC's Underwriting Department. By clarifying agent responsibilities and
specifying how agents must complete a confirmation of the securities'
features and attributes provided by the underwriter for both UW SOURCE
and UWC submissions, the amendments ensure that new issue eligibility
requests are processed accurately and efficiently. The agent
confirmation for UW SOURCE submissions will be supplied by email from
DTC's Underwriting Department, confirming the new issue's features and
attributes based on the security type. Additionally, the introduction
of the ``Asset Services Central'' portal for systemic confirmation of
securities issued through UWC further streamlines the process, reducing
the potential for errors and delays.
Third, consistent with the changes relating to FRAC described
above, Section II.B.1. (Possession and Inspection) will be updated for
a technical change to reflect that FRAC is now performed on SPA, rather
than PTS and PBS. This update ensures that the guide accurately
represents the current systems in use, promoting the accurate
processing of securities transactions by providing clear and up-to-date
information on the available functions.
Fourth, Section II.B.2.b. will be revised to clarify text relating
to closing on an issue. By clearly stating that a Participant will not
be credited unless DTC's Underwriting Department receives confirmation
that the underwriter and the agent agree on the number of securities to
be issued, the amendments reduce the risk of errors and delays in the
closing process. This clarification ensures that all parties involved
are aware of their responsibilities, thereby promoting the prompt and
accurate settlement of securities transactions.
Last, the modifications to Exhibit B ensure that the information
and materials needed for processing are clearly defined and updated to
reflect current practices. By revising the subheading to specify
``Eligibility Submission'' and ``Close the Issuance,'' it accurately
describes the activities covered by the table, reducing ambiguity. The
change from ``UW SOURCE'' to ``The DTC user interfaces'' reflects the
availability of UWC for certain issuance types, ensuring that users are
aware of the correct platforms to use. Additionally, updating the
reference from FRAC on PTS to FRAC on SPA directs users to the correct
system for confirmations. The revision to the entry in Column B
clarifies that credit will only be given when both the underwriter and
agent are in agreement on related details, ensuring consistency and
accuracy in the information provided. These changes collectively
enhance the efficiency and reliability of the underwriting process,
thereby supporting the timely and accurate settlement of securities
transactions.
Overall, these amendments are intended to promote the prompt and
accurate clearance and settlement of securities transactions by
modernizing and clarifying the processes and systems involved.
Therefore, the Clearing Agencies believe the proposed changes described
above are consistent with Section 17A(b)(3)(F) of the Exchange Act.\19\
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\19\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
DTC does not believe that the proposed changes to the Underwriting
Guide and OA, as described above, will have any impact, or impose any
burden, on competition.
The proposed amendments apply equally to all affected Participants,
issuers and agents, ensuring that the benefits of enhanced efficiency
and accuracy are available to all users without additional cost or
effort, except for user testing. In addition, use of Rapid Issuance
will be voluntary. To the extent issues are eligible for processing
through UW SOURCE or the MMI system, they can still be processed as
such. Therefore, DTC does not believe that the proposed rule change
would impose a burden on competition.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
The DTC has not received or solicited any written comments relating
to this proposal. If any written comments are received, DTC will amend
its filing to publicly file such comments as an Exhibit 2 to its
filing, as required by Form 19b-4 and the General Instructions thereto.
Persons submitting written comments are cautioned that, according
to Section IV (Solicitation of Comments) of the Exhibit 1A in the
General Instructions to Form 19b-4, the Commission does not edit
personal identifying information from comment submissions. Commenters
should submit only information that they wish to make available
publicly, including their name, email address, and any other
identifying information.
All prospective commenters should follow the Commission's
instructions on How to Submit a Comment, available at <a href="http://www.sec.gov/regulatory-actions/how-to-submit-comments">www.sec.gov/regulatory-actions/how-to-submit-comments</a>. General questions regarding
the rule filing process or logistical questions regarding this filing
should be directed to the Main Office of the Commission's Division of
Trading and Markets at <a href="/cdn-cgi/l/email-protection#d7a3a5b6b3beb9b0b6b9b3bab6a5bcb2a3a497a4b2b4f9b0b8a1"><span class="__cf_email__" data-cfemail="e6929487828f88818788828b87948d839295a6958385c8818990">[email protected]</span></a> or 202-551-5777.
DTC reserves the right to not respond to any comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) significantly affect the protection of investors or the public
interest;
(ii) impose any significant burden on competition; and
(iii) become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Exchange Act
\20\ and Rule 19b-4(f)(6) thereunder.\21\
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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Exchange Act.
[[Page 47072]]
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4735322b226a24282a2a222933340734222469202831"><span class="__cf_email__" data-cfemail="b1c3c4ddd49cd2dedcdcd4dfc5c2f1c2d4d29fd6dec7">[email protected]</span></a>. Please include
file number SR-DTC-2025-015 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to file number SR-DTC-2025-015. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of DTC and on DTCC's website (<a href="https://dtcc.com/legal/sec-rule-filings.aspx">https://dtcc.com/legal/sec-rule-filings.aspx</a>). Do not include personal
identifiable information in submissions; you should submit only
information that you wish to make available publicly. We may redact in
part or withhold entirely from publication submitted material that is
obscene or subject to copyright protection. All submissions should
refer to file number SR-DTC-2025-015 and should be submitted on or
before October 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19065 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 30, 2025.
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