DTC also assists Participants in exercising other rights in connection with its role as the record holder of securities on deposit.
Examples of the rights that Participants may exercise:
- Assertion of Appraisal or Dissenters' Rights
- Withdrawal of Assertion of appraisal of Dissenters' Rights
- Demand to Inspect a Stock Ledger
- Demand to Accelerate a Bond.
In order to exercise such rights through DTC on its own behalf or on behalf of its customers, the Participant must complete and submit to DTC via the MyDTCC portal an instruction letter identifying the issue and the quantity of securities involved, the beneficial owner and the nature of the request, along with the exact form of securityholder letter the Participant is instructing Cede & Co. to sign in order to exercise the relevant rights for the beneficial owner.
To help ensure timely processing of a Participant’s request for a Cede & Co. securityholder letter, a Participant should anticipate a DTC processing time of approximately six business days. Processing time may increase if, for example, a Participant requests notarization of the Cede & Co. securityholder letter, or if, once a request is submitted to DTC, DTC needs to return the request to the Participant for technical revisions. In addition, Participants should anticipate longer processing times during periods of high volumes and plan accordingly. DTC is not responsible for a Participant’s failure to meet any deadline or cut-off in connection with its request.
Note- There are standardized forms of the Instruction Letter, and Dissent/Demands Letters. For sample letters/templates related to these actions, see the Proxy Service Documentation.
AUTHORIZING RELEASE OF PROXY RECORD DATE POSITIONS
Participants may request that DTCC release their record date positions directly to a tabulation agent.
For additional information, please email us at [email protected].