Corporate Action Information for Agents

The Depository Trust Company (DTC) provides a wide array of services for processing corporate action events for approximately 1.39 million active security issues held at the depository. Agents have the obligation to notify DTC of all actions to a security, including distributions, redemptions, and reorganizations. This webpage is intended to facilitate communication between DTC and agents regarding corporate actions by providing instructions and other documentation required for DTC to process corporate action events.

• Issuer Agent Portal

  The Issuer Agent Portal provides a means for direct submission of Legal, Tax, and Transfer Agent notices to LENS, such as 17Ad-16 notices. More information can be found at https://www.dtcc.com/asset-services/issuer-services/issuer-agent-portal. Please note the Issuer Agent Portal is NOT for posting any notices that require DTC’s direct action. For more information on where to send event details that require processing at DTC, please continue reading below.

• Event Notification for Cash Payment

  System to system communication via CCF is the most straight-through processing option available for providing DTC notification of P&I events and communicating event details. Specs can be found within the Agent Services section of the Asset Services CCF Repository.

  Interested in onboarding to full CCF BMA, REDCAL, or DCN? Please see the below guides and contact us at [email protected] for onboarding. Not ready for full CCF? Please see below for information on utilizing the Excel templated LITE versions.

• Distributions

  DTC's Corporate Actions Processing Service for Distributions provides full lifecycle processing. The Distributions service includes processing events such as cash and stock dividends, principal and interest (P&I), capital gain distributions, return of capital, spin-offs, stock splits, and other events that arise from the servicing of approximately 1.39 million active security issues eligible at the depository. P&I Cash Processing interacts with paying agents and issuers annually to facilitate the allocation of P&I entitlements for securities valued at $87.1 trillion to DTC participants on the scheduled payment date.

  The following documents should be used for communicating distribution announcements to DTC.

  • The BMA LITE FILE (DEBT) is a standardized template for notifying DTC of interest and pro-rata principal payments on Debt instruments. Completed documents can be sent to [email protected].
  • The BMA LITE FILE (EQUITY) is a standardized template for notifying DTC of dividend payments for Equity instruments. Completed documents can be sent to [email protected]

  Please review the Agent Reference Guide BMA Lite File for more information.

  Per DTC's Operational Arrangements, Issuer or Agent shall provide a notice of income payment information to DTC prior to the payable date, but in no event later than 3 a.m. ET on the payable date.

  Notification and Documentation for non-structured securities

  • Dividend Payments on ADR CUSIPs – [email protected]
  • Notices of Event of Default & Payment Notices for Defaulted CUSIPs & Bankruptcy Notices – [email protected]
  • Interest & Dividends for Auction Rate Note (ARN) & Auction Rate Preferred (ARP) Securities – [email protected]
  • Interest and Pro-rata Principal Paydowns on Municipal (MUNI) & Variable Rate Demand Obligation (VRDO) securities [email protected]

• Redemptions

  DTC’s Corporate Actions Processing Service for Redemptions provides full lifecycle processing. The Redemptions service includes events such as full and partial calls, final paydowns, maturities, full and partial pre-refundings, partial defeasances, terminations, and other events that arise from the servicing of securities eligible at the depository.

  The following documents should be used for communicating redemption announcements to DTC.

  • The REDCAL LITE FILE (DEBT) is a standardized template for notifying DTC of partial calls, full calls, and final principal paydowns on Debt instruments. Completed documents can be sent to [email protected].
  • The REDCAL LITE FILE (EQUITY) is a standardized template for notifying DTC of partial calls and full calls on Equity instruments. Completed documents can be sent to [email protected].
  • The PARTIAL PRE-REFUNDING / PARTIAL DEFEASANCE REDCAL LITE FILE a standardized template for notifying DTC of partial pre-refunding and partial defeasance events. Completed documents can be sent to [email protected].

  Please review the Agent Reference Guide REDCAL Lite File for more information.

  Per DTC’s Operational Arrangements, notification should be sent to DTC in a timely manner designed to assure that such notice is in DTC’s possession no later than the close of business two business days before the publication date.

• Reorganizations

  DTC’s Corporate Actions Processing Service for Reorganizations provides full lifecycle processing, including sourcing and announcing the details of upcoming events, accepting and acting on instructions, and collecting, allocating, and reporting on the resulting entitlements. The Reorganizations service includes the announcement and processing of events such as exchange offers, conversions, dutch auctions, mergers, puts, reverse stock splits, tender offers, rights and warrant exercises, and other events arising from the servicing of the securities eligible at the depository.

  The following documents should be used for communicating reorganizations announcements to DTC.

  Specific client support e-mail addresses are listed in the Client Center.

  • The Null/Void/Worthless Letter Template provides agents with the required verbiage to initiate a mandatory corporate action that authorizes DTCC to delete/cancel a participant position on its books and records. The letter contains the required indemnification language to confirm that the securities are deemed null, void, and worthless, and that there will be no future payments.

• Funding DTC for Cash Payments

  The DCN LITE FILE is a standardized template for notifying DTC of how to apply bulk Principal and Income (P&I) funds. Completed documents can be sent to [email protected]. DTC must receive CUSIP-specific detail of payments (as described in DTC’s Operational Arrangements) no later than 2:50 p.m. ET on Payment Date. The dollar amount associated with such detail must correspond with the actual dollar payment received prior to 3:00 p.m. ET on payment date.

  For DTC’s Wire Instructions, please contact us at [email protected].

  Interested in receiving reports designed to assist agents in managing their funding obligations? Please see our available Agent P&I Funding Reports and contact us at [email protected].

• Event Reconciliation for Cash Payments

  • The MMI CUSIP Change Form is used to request changes to MMI CUSIP information. Completed documents can be sent to [email protected].
  • The MMI Modification Form is used to request modifications on interest announcements for MMI's pre-allocation. Completed documents can be sent to [email protected].
  • The Post Payable MMI Modification Form is used to request modifications on interest announcements for MMI's post-allocation. Completed documents can be sent to [email protected].
  • The Return of Overpayments (ROP) Claim Instructions outlines the information required to submit a return of overpayment claim request to DTC. Completed documents can be sent to [email protected].
  • The Rate Revision Form - DTC Factor Update Notification is used by agents to revise rates and/or factors on an event that have already allocated for a Non-MMI security. Completed documents can be sent to [email protected].
  • The Maturity Extension Letter is used to request a maturity date extension on a security. Completed documents can be sent to [email protected].
  • The Participant Requirement Letter for Treasury Buyback Suppressions is used to request the exclusion a participant's position from a dividend/interest payment. This can be self-serviced by the participant via CA Web up to two business days prior to payment date. Participants can see more information in our CA Web User Guide. If less than two business days prior to payment date, completed documents can be sent to [email protected].
  • To provide additional event details such as Agents Statements & Rate Calculations, please contact us at [email protected]. Please note, this email is used for research purposes only and is not the correct email for notices that require direct DTC action.

• DTCC Important Notices

  DTCC Important Notices provide valuable information regarding subjects including but not limited to service updates, depositary service fees, and operational changes.

  DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php.