Self-Regulatory Organizations; Corrections and Changes to DTC Rules
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This notice details a series of corrections and clarifications to The Depository Trust Company's (DTC) rules. The changes aim to align DTC's procedures with those of its affiliates to improve transparency and consistency. The updates will affect participants using DTC services but are not expected to significantly alter operations or competition.
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Key Changes
- Updates to definitions, including 'Officer of the Corporation'.
- Correction of language for improved clarity in billing and reporting.
- Alignment of procedures with affiliates NSCC and FICC.
Obligations
What this law requires
DTC must provide annual audited U.S. GAAP financial statements within 60 days of fiscal year-end
DTC must provide quarterly unaudited financial statements within 30 days of quarter-end
DTC must update and maintain definitions in Rule 1 to include 'Officer of the Corporation' defined as Chairman of the Board, President and Chief Executive Officer, Managing Director, Executive Director, Secretary, Assistant Secretary, Treasurer, or Assistant Treasurer
DTC must update the Watch List definition in Rule 1 to reflect the expanded Credit Risk Rating Matrix scale of 1 through 18 that corresponds to the current 1 through 7 scale
DTC must clarify in Rule 2 that it does not maintain a clearing fund and that references to funds apply to the Participants Fund and its components