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 in regards to corporate actions by providing instructions and other documentation required for DTC to process corporate action events.

• 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 MMI CUSIP Information Form is used to request changes to MMI CUSIP Information. Completed documents can be sent to: [email protected].
  • The CMO Rate Calculation Table Format provides agents with the format required for submitting dividend/interest & amortized principal announcement details. Completed documents can be sent to: [email protected]
  • The MMI Modification Form is used to request modifications on interest announcements for MMI’s. Post payable interest rate modifications can be requested with the Post Payable MMI Modification Form. Completed documents can be sent to: [email protected]
  • The Authorization Agreement for ACH Debits (Bank) allows DTC to debit an agent’s (bank’s) account for payment(s) via DTC’s automated clearing house (ACH) debit process. Completed documents can be sent to: [email protected]
  • The Authorization Agreement for ACH Debits (Issuer) allows DTC to debit an agent’s (issuer’s) account for payment(s) via DTC’s automated clearing house (ACH) debit process. Completed documents can be sent to: [email protected]
  • The Participant Requirement Letter for Treasury Buyback Suppressions is used to request the exclusion of part of a participant’s position from a dividend/interest payment. Completed documents can be sent to: [email protected]
  • The Return of Overpayment (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 submit a rate revision on a security. Completed documents can be sent to: [email protected]
  • Release-of-Funds-Retired-Participant-Template allows brokers who retired from DTC to claim any funds owed to them.
  • The Enrichment Claim Template - Pre Allocation and Enrichment Claim Template-Return of Overpayment is used for agents to claim DTC for use of funds at DTC discretion.

• 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 Electronic Redemption Notification Instructions provides agents with guidelines for submitting redemption announcement details on partial calls, full calls, and final distributions of principal. Completed documents can be sent to: [email protected]
  • The Electronic Redemption Notification Template illustrates the required format for submitting redemption announcement details on partial calls, full calls, and final distributions of principal. 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]

• 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.