Securities Firm Tweaks Fees for Faster Issuance Process
Published Date: 1/8/2026
Notice
Summary
The Depository Trust Company (DTC) is updating its fee guide to add charges for a new Rapid Issuance process and expanding some existing fees to cover it too. They’re also changing how certain securities confirmations happen—from a portal to email—and setting a fresh start date for this Rapid Issuance. These changes affect anyone using DTC’s services and could impact costs starting soon.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
New $180 Rapid Issuance Fee
If you use DTC's Rapid Issuance process to issue a security, DTC will charge $180 for each CUSIP when the security is issued. The fee is a per-issuance charge and will be listed in the Underwriting section of the DTC Fee Guide under a new "Rapid Issuance" heading.
$250 Eligibility Fee Now for Rapid Issuance
DTC will apply a $250 eligibility fee when a block of CUSIPs is made eligible under Rapid Issuance, separate from when the CUSIPs are issued. This fee was previously charged only for Money Market Instruments (MMI) and will now apply to Rapid Issuance as well.
$300 Late Surcharge Applies to Rapid Issuance
DTC will assess a $300 late surcharge for Rapid Issuance eligibility requests submitted on the same day as the issue's effective date if DTC eligibility is approved on that effective date. The Fee Guide language is updated to state it applies when the eligibility request is received on the same day as the issue's effective date and DTC eligibility was approved on that date.
Confirmations Via Email, Not Portal
DTC removed the requirement that agents confirm securities issued through UWC in the Asset Services Central portal because the portal is not yet live. Instead, agents must supply confirmations by email to DTC's Underwriting Department, the same method used today for UW SOURCE issuances.
Rapid Issuance Implementation by March 31, 2026
DTC suspended the prior November 3, 2025 implementation and set a new implementation timeframe: all changes related to Rapid Issuance will be implemented by March 31, 2026. DTC will announce the exact implementation date by Important Notice at least 30 days before it becomes effective.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2026-00114, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule To Modify the Required Criteria for Certain Transaction Fee Tiers Applicable to Executions Priced at or Above $1.00 Per Share and To Introduce Two Options for Applying the Incremental Fee Tiers, in Order To Comply With Amended Rule 610(d) of Regulation NMS
Investors Exchange (IEX) is updating its fee schedule starting February 2, 2026, to change how certain transaction fees work for trades priced $1.00 or more per share. This update affects members who trade on IEX by offering two new ways to apply incremental fees, making sure the fees follow new SEC rules. Traders should watch for these changes as they could impact trading costs and fee calculations.
Next: 2026-00116, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Position and Exercise Limits for IBIT Options and FLEX Trading
Nasdaq ISE wants to raise the limits on how many iShares Bitcoin Trust (IBIT) options traders can hold and exercise. The SEC is taking extra time to review this change, which could affect investors who trade these Bitcoin-related options. No money changes yet, but the decision deadline just got pushed back to give regulators more time to think it over.