Depository Trust Updates Redemption Rules—Securities Yawn
Published Date: 8/18/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
No More Physical Certificate Presentment
DTC will stop requiring physical certificates or Letters of Transmittal for eligible debt security redemptions and will allocate proceeds based on its book-entry records. Agents may receive automated notifications (by emailing DTC's redemptions operations team to opt-in) and DTC will image certificates, retain them for at least 90 days after redemption, then destroy them.
Mandatory PWP Participation With Narrow Opt-Outs
Participation in DTC's Payment without Presentation (PWP) process will be mandatory for eligible fully registered debt securities held at DTC and registered in the name Cede & Co. Opt-outs are allowed only to comply with a state statute, court order, other legal/regulatory obligation, or where the Agent is a governmental entity; all opt-out requests must be submitted in writing and apply only to the specific securities.
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