Notice2026-19870
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Change To Establish and Implement AnnounceDirect for the Submission of Corporate Action Announcements
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 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 187 (Tuesday, September 29, 2026)</title>
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[Federal Register Volume 91, Number 187 (Tuesday, September 29, 2026)]
[Notices]
[Pages 61520-61526]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19870]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106486; File No. SR-DTC-2026-010]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Establish and Implement
AnnounceDirect for the Submission of Corporate Action Announcements
September 24, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 15, 2026, 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. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change \3\ consists of amendments to the
Operational Arrangements (Necessary for Securities to Become and Remain
Eligible for DTC Services) (``Operational Arrangements'') \4\ to
establish and implement AnnounceDirect, a new, modernized process for
the submission of corporate action announcements, and make related
updates to the existing methods by which Agents submit
[[Page 61521]]
corporate action announcement information to DTC. The updates include
clarifications regarding applicable submission channels, Agent
responsibilities, good order requirements, timing requirements, the
distinction between pro rata pass-through distributions of principal
and partial redemptions by lot, and ministerial and conforming edits,
such as removing outdated processes, conforming notice submission
methods, standardizing corporate action announcement notice content,
correcting minor terminology and spelling issues, and reorganization of
certain redemption provisions for clarity.
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\3\ Capitalized terms not defined herein shall have the meaning
assigned to such terms in the Rules, By-Laws and Organization
Certificate of DTC (``DTC Rules''), the Operational Arrangements
(Necessary for Securities to Become and Remain Eligible for DTC
Services), and the DTC Corporate Actions Redemptions Service Guide
(``Redemptions Service Guide''), available at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
\4\ The Operational Arrangements is a Procedure of DTC. Pursuant
to the DTC Rules, the term ``Procedures'' means the Procedures,
service guides, and regulations of DTC adopted pursuant to DTC Rule
27 (Procedures), as amended from time to time. DTC Rule 1
(Definitions; Governing Law), Section 1, id. They are binding on DTC
and each Participant in the same manner that they are bound by the
DTC Rules.
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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
DTC proposes to amend the Operational Arrangements to establish and
implement AnnounceDirect, a new, modernized process for the submission
of corporate action announcements, and make related updates to the
existing methods by which Agents submit corporate action announcement
information to DTC. The updates include clarifications regarding
applicable submission channels, Agent responsibilities, good order
requirements, timing requirements, the distinction between pro rata
pass-through distributions of principal and partial redemptions by lot,
and ministerial and conforming edits, such as removing outdated
processes, conforming notice submission methods, standardizing
corporate action announcement notice content, correcting minor
terminology and spelling issues, and reorganization of certain
redemption provisions for clarity.
(i) Background
DTC receives corporate action announcement information from
Issuers, Agents, and other authorized parties in order to announce and
process corporate action events for DTC Participants. Today, this
information is submitted through a combination of emails, templates,
and supported automated feeds.\5\ While these methods support DTC's
announcement process, these submission channels, particularly email,
can require manual intake, review, validation and routing, which can
create delays, inconsistent data capture, rekeying risk, and additional
exception handling before information can be announced to Participants.
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\5\ Agents can communicate corporate action announcement
information directly to DTC via computer-to-computer file
transmission (Computer-to-Computer Facility or ``CCF''), a
proprietary format of The Depository Trust & Clearing Corporation
(``DTCC''). CCF automates the transmission of structured data files
for corporate actions, specifically partial or full calls,
maturities, and redemptions. RedCal file is available via CCF, which
Agents can use for redemptions. RedCal file via CCF remains an
option for Agents to send redemptions to DTC and is unchanged. Other
files for corporate action announcement information include BMA and
DCN files. These files are also unchanged.
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AnnounceDirect is intended to modernize this process by providing a
structured electronic portal through which Agents can submit
standardized corporate action announcement information directly to DTC.
For example, when Agents would submit redemption notices, one type of
corporate action announcement notice, through AnnounceDirect, Agents
would use the Redemptions Cash Events Template, a template with
standardized fields that would replace the substantially similar,
existing RedCalLite template.\6\ Agents can choose to upload the
Redemptions Cash Events Template via AnnounceDirect or send it via an
automated feed. A third option for Agents is a structured intake form
on the AnnounceDirect portal, which requires the same information as
the Redemptions Cash Template in standardized fields.
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\6\ See DTCC, Agent Reference Guide: Redemption Cash Events
Template, available at <a href="https://www.dtcc.com/products-and-services/asset-services/agent-services">https://www.dtcc.com/products-and-services/asset-services/agent-services</a>, under the Resources menu.
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After corporate action announcement information is submitted via
AnnounceDirect or a feed, business logic will validate required fields
and route the information to the appropriate DTC processing systems or
exception queues if submitted information does not satisfy required
validations. Agents would be responsible for monitoring any exceptions
queue and resolving the identified errors or exceptions so that
corporate action announcement information is complete, accurate and in
good order for processing.
Altogether, AnnounceDirect is intended to reduce manual processing,
improve the completeness and accuracy of submitted information, support
validation and exception resolution, and facilitate more efficient
dissemination of corporate action announcement information to DTC
Participants.
(ii) Proposed Rule Change
To effectuate the proposed rule change, DTC would amend the
Operational Arrangements to reflect the implementation of
AnnounceDirect for corporate action announcement submissions and make
associated operational and clarifying edits to reflect the current and
planned submission processes, clarify Agent responsibilities, and
improve the completeness, accuracy and timeliness of corporate action
announcement information submitted to DTC.
Transition to AnnounceDirect and Supported Electronic Submission
Channels
In Sections III.B, IV.A, V.A, V.A.1 and V.A.2 of the Operational
Arrangements, the proposed rule change would update the notice-
submission provisions to add AnnounceDirect as a corporate action
announcement submission channel, along with existing automated feeds
and email, and describe the portal and associated phased onboarding of
Agents and notice types.
In Section III.B specifically, two tables, also included below,
would be added to (1) clarify the current and future permitted
submission methods for each notice type (i.e., redemptions,
reorganizations, and distributions), and (2) describe the
AnnounceDirect implementation period for each notice type.\7\ The
tables would be updated as the AnnounceDirect onboarding progresses. An
Important Notice will be provided no less than 14 days prior to the
implementation of AnnounceDirect for the subject notice types, and upon
implementation of AnnounceDirect, the permitted submission methods
would be updated accordingly. Additionally, in the ``AnnounceDirect
Implementation Period for Notice Types'' table, once the
[[Page 61522]]
Important Notice is provided, the applicable line item related to the
completed phase would be automatically deleted from the table. Upon
implementation of all phases, the implementation paragraph and
implementation table would be automatically deleted in their entirety.
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\7\ DTC anticipates that beginning in November 2026, Agents
would be required to submit via AnnounceDirect the following
redemption notice types: full call, partial call, final paydown,
final default distribution and advance refunding notices (i.e.,
Redemptions I). In 2027, Agents would be required to submit via
AnnounceDirect all remaining redemption notice types (i.e.,
Redemptions II). In 2028, Agents would be required to submit via
AnnounceDirect all reorganization notice types, as described in
Section VI of the Operational Arrangements, and in 2029, Agents
would be required to submit via AnnounceDirect all distributions
notice types, as described in Section IV of the Operational
Arrangements.
Permitted Submission Methods for Notice Types
------------------------------------------------------------------------
Current permitted Future permitted
Notice type submission methods submission methods
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Redemptions I (full call, Automated Feed Automated Feed
partial call, final paydown, Email. AnnounceDirect.
final default distribution and
advance refunding notice types).
Redemptions II (all remaining Automated Feed Automated Feed
notice types). Email. AnnounceDirect.
Reorganization (all notice Automated Feed Automated Feed
types). Email. AnnounceDirect.
Distributions (all notice types) Automated Feed Automated Feed
Email. AnnounceDirect.
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AnnounceDirect Implementation Period for Notice Types
------------------------------------------------------------------------
Implementation period Notice types
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November 2026..................... Redemptions I (full call, partial
call, final paydown, final default
distribution and advance refunding
notice types).
2027.............................. Redemptions II (remaining notice
types).
2028.............................. Reorganizations (all notice types).
2029.............................. Distributions (all notice types).
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DTC would not require all Agents to begin using AnnounceDirect
immediately for all notice types. Rather, DTC would sequence Agent
onboarding based upon event volume and value of applicable corporate
action announcement submissions, beginning with the more active Agents.
DTC expects the initial population to consist of approximately twenty
(20) Agents who represent about ninety percent (90%) of event
volume.\8\
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\8\ DTC would expect to onboard additional Agents using the same
objective criteria (event value and value of applicable corporate
action announcement submissions) in the short-term when the Agents
are operationally ready.
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DTC would notify Agents of the ability and need to onboard to
AnnounceDirect via Important Notice and direct email communication, as
well as through webinars and industry group meetings as applicable. DTC
will specify which notice types must be submitted through
AnnounceDirect or automated feeds and which notice types, if any, may
continue to be submitted by email during the transition period. Any
Agent who would like to onboard earlier should contact DTC to request
information.
Once an Agent has registered for AnnounceDirect and DTC has
notified the Agent that specified notice types must be submitted
through AnnounceDirect or automated feeds, the Agent would be required
to use only AnnounceDirect or automated feeds for those notice types,
and would not be permitted to submit notices via email. The RedCal
spreadsheet template, which Agents currently can attach to an email and
send to DTC to submit redemption notices, would be replaced by the
substantially similar Redemptions Cash Events Template. However, Agents
would be expected to upload the template via AnnounceDirect or send via
an automated feed; the template could not be sent as an email
attachment.
The proposed phased approach is intended to enable DTC and Agents
to implement AnnounceDirect in a more orderly manner while preserving
operational continuity during the transition.
Agent Registration, Access and Ongoing Responsibilities
In Section III.B of the Operational Arrangements, the proposed rule
change would describe the steps Agents must take to onboard to
AnnounceDirect. The Agent must submit all required registration
documentation, including establishing a Customer Registration System
(CRS) profile for the Agent's legal entity and designating Super Access
Coordinators (SAC) responsible for managing access on the Agent's
behalf.
The proposed rule change would also clarify that Agents are
responsible for monitoring and maintaining notices submitted through
AnnounceDirect and for resolving related errors or exceptions in their
AnnounceDirect exceptions queue. These requirements are intended to
ensure that corporate action announcement information submitted to DTC
is complete, accurate and usable for announcement and processing
purposes.
Notice Submission Requirements
In Sections III.B, IV.A, and V.A of the Operational Arrangements,
the proposed rule change would update notice-submission language to
clarify the applicable channels for submitting notices and related
corporate action announcement information to DTC, including
AnnounceDirect, automated feeds and, when permitted by DTC, email using
the appropriate template.
The proposed rule change would also reiterate current guidance that
delivery to an incorrect email address, where email submission is
permitted, would not constitute valid notification to DTC. This
clarification is intended to reduce ambiguity regarding the proper
method and destination for notices submitted to DTC. Additionally, the
proposed rule change would broaden the way Agents may contact DTC to
confirm receipt of emailed notices (where email is permitted) because
Agents may use a variety of means to confirm receipt of corporate
action notices, not just the telephone.
Good Order, Error Resolution and Timeliness
In Sections III.B and V.A of the Operational Arrangements, the
[[Page 61523]]
proposed rule change would apply and clarify ``good order''
expectations for notices submitted through AnnounceDirect.
Specifically, a corporate action announcement submission made via
AnnounceDirect would be considered in good order when all required
corporate action announcement information has been submitted, has
passed applicable validations, and contains no errors or exceptions
that would prevent DTC from processing or announcing the corporate
action event.
The proposed rule change would require Agents to resolve
discrepancies, errors or exceptions in AnnounceDirect, so that
corporate action announcement information is complete and accurate.
Failure to correct event discrepancies may delay event announcement and
allocation. This aspect of the proposed rule change is intended to
improve the quality of corporate action announcement information
submitted to DTC and reduce processing delays caused by incomplete or
inaccurate information.
With regard to timeliness, the proposed rule change would remove
the duplicative, general reference to timely submissions because
timeliness is already addressed within each notice type section.
Redemption Notice Submission and Timing Requirements
In Sections V.A, V.A.1, V.A.2 and V.A.4 of the Operational
Arrangements, the proposed rule change would revise the redemption
notice provisions to clarify the required submission channels for
redemption events and to update related procedures. The revisions would
provide that redemption notices must be submitted through
AnnounceDirect, through a supported automated feed, or, when permitted
by DTC, by email using the appropriate template. When submitting
through AnnounceDirect or an automated feed, Agents would use the
Redemptions Cash Events Template, which replaces the existing
RedCalLite templates.
Once an Agent has been registered for AnnounceDirect and notified
by DTC that applicable notices must be submitted through AnnounceDirect
or an automated feed, the Agent would be required to submit specified
redemption notices through the applicable electronic submission method.
The proposed rule change would also update timing requirements for
redemption events. Full redemptions and redemption events that do not
require lottery processing \9\ would be required to be in good order at
least one business day prior to the redemption date. Partial
redemptions and redemption events that require lottery processing would
be required to be in good order at least one business day prior to the
publication date, and the publication date would be required to be at
least three business days prior to the redemption date. The proposed
timing requirements are intended to replace multiple product- and
event-specific timing windows with a more uniform standard for
redemption events, while preserving additional lead time for events
requiring lottery processing.\10\
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\9\ Lottery processing is the method used to allocate a partial
redemption when only a portion of the outstanding securities is
being redeemed. DTC conducts an impartial allocation process, as
described in the Redemptions Service Guide, to determine which
Participant positions are selected for redemption. Securities
selected through the lottery receive the redemption payment and are
removed from Participant accounts, while securities not selected
remain outstanding and continue to be held without change. See
Redemptions Service Guide, supra note 3 at 17-19.
\10\ The current Operational Arrangements include timing
requirements that vary by product type and event type. For example,
the current text generally requires notices to be in DTC's
possession no later than the close of business two business days
before the publication date, while also requiring the publication
date to be no fewer than 30 calendar days nor more than 60 calendar
days before the redemption date or escrow deposit date for an
advance refunding, subject to a separate 30-calendar-day final
notification requirement. Conventional municipal bonds are subject
to a different 20- to 60-calendar-day publication date window and a
separate 20-calendar-day final notification requirement. See
Operational Arrangements, supra note 3, at 44.
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Finally, the proposed rule change would also update the information
required in redemption notices, including by replacing general ``rate
information'' language with more specific references to redemption
price, premium, if applicable, and accrued interest rate, if
applicable.
Income Payment and Defaulted Issue Notices
In Sections IV.A and IV.A.3 of the Operational Arrangements, the
proposed rule change would reflect submission through AnnounceDirect,
supported automated feeds or, when permitted by DTC, email using the
appropriate template. The proposed rule change would also add language
requiring an Agent to provide DTC with an event of default notice when
a security has experienced an Event of Default as defined in the
security's governing documentation. DTC would rely on the Agent's
notice based on the applicable governing documentation and would not
independently determine whether an event of default has occurred. This
clarification is intended to identify the type of notice DTC expects to
receive for defaulted securities and to support more accurate
processing and communication of default-related event information.
Updates to Legacy Corporate Action Submission References
In Sections III.B, IV.A, V.A, V.A.1, V.A.2 and V.A.4 of the
Operational Arrangements, the proposed rule change would remove
outdated, duplicative or overly specific references to legacy corporate
action announcement submission methods and replace them with broader
references to AnnounceDirect, supported automated feeds or, when
permitted by DTC, email using the appropriate template. This aspect of
the proposed rule change is intended to make the Operational
Arrangements more current and flexible by avoiding unnecessary
references to specific legacy tools or spreadsheet names where the
relevant requirement is the use of a DTC-supported submission method.
The proposed rule change would also remove legacy references to
Redemption Agent Numbers, RPS form numbers and Letter of Transmittal
form numbers used in connection with prior redemption notification
processes. Additionally, the proposed rule change would remove
unnecessary datapoints (i.e., security description and Agent address)
for full or partial redemption and advance refunding notice types
because DTC does not need these to process a corporate action notice.
Pro Rata Pass-Through Distributions of Principal and Lottery
Redemptions
In Section V.A of the Operational Arrangements, the proposed rule
change restructures the section to help clarify the distinction between
pro rata pass-through distributions of principal \11\ and partial
redemptions by lot,\12\ including
[[Page 61524]]
how each method affects holder entitlements, outstanding position and
principal balance factor.\13\ This restructuring would move language in
Section V.A to a new Section V.A.4. These changes are not functional or
operational in nature but are meant to clarify the guidance for Issuers
and Agents on which types of cash principal payments DTC can support
and their characteristics to minimize inaccurate principal
distributions and post-allocation reconciliation.
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\11\ A pro rata pass-through distribution of principal pays all
holders of record proportionately based on their positions held at
the close of business on the event's record date. The amount paid is
determined by the principal payment rate per $1,000 principal
amount, as established by the Issuer or Agent. Because every
position holder receives a proportional principal payment, no
lottery processing is required. Following the payment, Participants
continue to hold the same number of securities; however, each
security represents a smaller remaining principal obligation.
Accordingly, the principal balance factor for the CUSIP is reduced
to reflect the principal that has been paid. Entitlement is
therefore allocated to all record date holders, outstanding
positions remain unchanged, and the reduction in principal is
reflected through a corresponding reduction in the CUSIP's principal
balance factor.
\12\ A partial redemption by lot redeems only a portion of the
outstanding securities of a CUSIP. Entitlement to receive redemption
proceeds is determined through lottery processing, which allocates
the redemption among positions in accordance with the procedures
described in DTC's Redemptions Service Guide. Only positions
selected through the lottery are redeemed and receive payment;
positions not selected do not receive redemption proceeds. See
Redemptions Service Guide, supra note 3 at 17-19. Positions selected
for redemption are removed from Participant Accounts and the
corresponding securities are removed from the aggregate position
registered in the name of Cede & Co, DTC's nominee. Because the
redemption is accomplished by reducing the number of outstanding
securities rather than reducing the principal amount represented by
each remaining security, the principal balance factor is not
changed. Entitlement is therefore limited to lottery-selected
positions, the aggregate outstanding position is reduced by the
redeemed amount, and the factor applicable to the remaining
securities remains unchanged.
\13\ A principal balance factor (or factor) represents the
proportion of original principal that remains outstanding for a
CUSIP and is expressed as a decimal. For example, a factor of
1.000000 represents 100% of the original principal amount
outstanding, while a factor of 0.750000 indicates that 75% of the
original principal remains outstanding. The factor is applied
uniformly to all positions in the security and is commonly used for
amortizing or pass-through instruments where principal is paid
proportionately to all holders over time.
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The proposed rule change would also clarify that DTC does not
support the announcement or payment of ``pro rata redemptions'' and
that once a security pays principal by either redemption or pro rata
pass-through distribution of principal, it must continue to use that
method for the life of the security. The proposed rule change would
also clarify related underwriting-system instructions, including that,
when submitted through DTCC's underwriting system, the underwriter must
use the value ``pro rata'' and not ``lottery.'' DTC has observed that
these two principal event types may be confused in practice, which can
lead to payment delays, balance discrepancies and Participant
inquiries. This clarification is intended to reduce the risk of such
confusion and related operational issues. These additions are
consistent with guidance previously provided by DTC in Important
Notices 6896-10, 1701-11, and 20767-24.
(iii) Implementation Timeframe
Subject to approval by the Commission, and as described herein, DTC
would implement AnnounceDirect in phases beginning in November 2026, as
announced by Important Notice at least 14 days prior to implementation,
as well as direct email communication, in industry group meetings, and
webinars as applicable. DTC would begin with certain redemption notice
types and then expand the functionality to additional corporate action
event notice types. Based on onboarding, testing and implementation
experience, DTC may adjust the sequencing or scope of future phases to
support an orderly transition for Agents and Issuers.
DTC anticipates the following phased approach for onboarding notice
types to AnnounceDirect:
<bullet> Beginning in November 2026, Agents would be required to
submit the following redemption notice types: full call, partial call,
final paydown, final default distribution and advance refunding notices
(collectively, ``Redemptions I'').
<bullet> In 2027, Agents would be required to submit Redemptions I
plus the remaining redemption notice types (collectively, ``Redemptions
II'').
<bullet> In 2028, DTC expects to require Agents to submit all
reorganization notice types.
<bullet> In 2029, DTC expects to require Agents to submit all
distributions notice types.
An Important Notice would be issued at least 14 days prior to each
phase, in addition to communicating such implementation via direct
email communication, and, as applicable, through industry group
meetings and webinars.
2. Statutory Basis
DTC believes the proposed rule change is consistent with Section
17A(b)(3)(F) of the Act and Rule 17ad-22(e)(21) thereunder.
Section 17A(b)(3)(F) of the Act requires, in part, that the DTC
Rules be designed to promote the prompt and accurate clearance and
settlement of securities transactions and, in general, to protect
investors and the public interest.\14\
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\14\ 15 U.S.C. 78q-1(b)(3)(F).
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As described herein, DTC proposes the AnnounceDirect implementation
to modernize the corporate action announcement process. AnnounceDirect
provides a structured electronic portal through which Agents can submit
corporate action announcement information directly to DTC and to
support more efficient validation, exception resolution and
dissemination of that information to Participants. The portal is
designed to capture corporate action announcement information in a
standardized format, which can be uploaded or sent via automated feeds.
Both methods of submission would integrate with business logic to
validate and route the information to the appropriate DTC processing
systems or exception queues if submitted information does not satisfy
required validations. These steps would ensure that corporate action
announcement information is complete, accurate and in good order for
processing. Altogether, AnnounceDirect is intended to reduce manual
processing, improve the completeness and accuracy of submitted
information, support more efficient validation and exception
resolution, and facilitate dissemination of that corporate action
announcement information to Participants. AnnounceDirect is intended to
provide Agents with a more user-friendly and efficient submission
process and to reduce the risk of manual errors in the dissemination of
corporate action announcement information. Meanwhile, by improving the
timeliness, accuracy and consistency of corporate action announcement
information generally, with the proposed clarification updates, the
proposed rule change would help Participants receive more reliable
information regarding corporate action events. DTC believes these
improvements would support the prompt and accurate clearance and
settlement of securities transactions and, in general, protect
investors and the public interest. For these reasons, DTC believes the
proposed rule change is consistent with Section 17A(b)(3)(F) of the
Act, cited above.
Rule 17ad-22(e)(21) under the Act requires, in part, that DTC
establish, implement, maintain and enforce written policies and
procedures reasonably designed to be efficient and effective in meeting
the requirements of its participants and the markets it serves.\15\
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\15\ 17 CFR 240.17ad-22(e)(21).
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As described herein, DTC proposes the AnnounceDirect implementation
to facilitate more standardized corporate action announcement
information directly to DTC, which supports more efficient validation,
exception resolution and dissemination of that information to
Participants. Further, business logic would validate and route the
information to the appropriate DTC processing systems or exception
queues if submitted information does not satisfy
[[Page 61525]]
required validations where Agents can manage and correct any errors.
Both individually and collectively, DTC believes these changes would
promote the prompt and accurate clearance and settlement of securities
transactions, enable DTC to be more efficient and effective in meeting
the requirements of its participants and the market, and in general
protect investors and the public interest. Therefore, DTC believes the
proposed rule change is consistent with Rule 17ad-22(e)(21) under the
Act, cited above.
(B) Clearing Agency's Statement on Burden on Competition
DTC does not believe the proposed rule change would impose a burden
or otherwise have a significant impact on competition. The proposed
rule change would update the Operational Arrangements to reflect
current and planned submission processes and would support the more
efficient and accurate dissemination of corporate action announcement
information to Participants through automated and standardized
processes.
Although certain Agents would be required to use either
AnnounceDirect or supported automated feeds (and no longer use email)
for applicable notice types once onboarded and notified by DTC, those
requirements would apply uniformly to similarly situated Agents and are
designed to standardize the submission of corporate action announcement
information. In addition, DTC does not expect Agents to be required to
complete any additional technology build or pay additional fees in
order to use AnnounceDirect. While Agents would be onboarded to
AnnounceDirect at different times during the transition period, as
described above, DTC would sequence onboarding using objective
operational criteria, including applicable corporate action
announcement volume, and expects the initial onboarding group to
represent approximately 90 percent of such volume. Although
approximately ten percent of Agents would not onboard to AnnounceDirect
immediately with the proposed implementation of Redemptions I notices,
those Agents do not represent significant event volume or event value.
Regardless, DTC expects to onboard those remaining agents over the
course of the implementation period, and will continue to offer and
support onboarding to Agents upon request. Further, the phased
implementation of AnnounceDirect described herein, starting in November
2026 through 2029, would apply equally to all similarly situated
Agents. Therefore, DTC believes the phased implementation approach
would not unfairly discriminate among Agents or impose any burden on
competition.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
DTC has not received or solicited any written comments relating to
this proposal. However, DTCC has educated and communicated with Agents
and the broader market on the transition to AnnounceDirect for the past
two years, since 2024, in a variety of ways.\16\ DTC has not received
written comments in response to these communications. If any written
comments are received, they will be publicly filed as an Exhibit 2 to
this filing, as required by Form 19b-4 and the General Instructions
thereto.
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\16\ DTCC held 17 AnnounceDirect working group webinars between
2024 to 2026; two rounds of structured Agent testing, which is still
ongoing to account for future phases; weekly office hours;
discussions at the DTCC Asset Services Forum; and issued Important
Notices 20503-24, 21152-24, 23083-25, 23194-25, and 24300-26. DTCC
also communicated with industry groups, such as the Securities
Transfer Association (STA) through its meetings and conferences on
14 occasions, the American Bankers Association (ABA) on six
occasions, the Shareholders Services Association, SIFMA through its
Corporate Actions Forum on 19 occasions, the Bank Depository User
Group at its 2025 and 2026 Annual Conferences, the National
Association of State Treasuries (NAST), the Municipal Securities
Rulemaking Board (MSRB), and the Governing Finance Officers
Association (GFOA).
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Persons submitting 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 comments, available at <a href="http://www.sec.gov/rules-regulations/how-submit-comment">www.sec.gov/rules-regulations/how-submit-comment</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#e2969083868b8c85838c868f839089879691a2918781cc858d94"><span class="__cf_email__" data-cfemail="6014120104090e07010e040d01120b051413201305034e070f16">[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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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#b0c2c5dcd59dd3dfddddd5dec4c3f0c3d5d39ed7dfc6"><span class="__cf_email__" data-cfemail="9defe8f1f8b0fef2f0f0f8f3e9eeddeef8feb3faf2eb">[email protected]</span></a>. Please include
file number SR-DTC-2026-010 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-2026-010. 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-2026-010 and should be submitted on or
before October 20, 2026.
[[Page 61526]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-19870 Filed 9-28-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 29, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.