On August 15, 2014, the DTC withdrew its proposed rule change to Specify Procedures Available to Issuers of Securities Deposited at DTC for Book Entry Services when DTC Imposes or Intends to Impose Restrictions on the Further Deposit and/or Book Entry Transfer of Those Securities. No reason for the withdrawal was given. However, it is fair to assume that the withdrawal was prompted by the comments, many of them negative, on the proposed rule change. The SEC had hinted earlier that it was less than thrilled by the DTC’s efforts.
The blogs below described my own reservations on the proposals. Of course, the DTC is still required to design new rules to address the SEC’s concerns expressed in International Power.
The blogs below described my own reservations on the proposals. Of course, the DTC is still required to design new rules to address the SEC’s concerns expressed in International Power.
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