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Some NSCC Membership types that allow for insurance products, such as MF/IS, do require primary regulator approval, particularly if these legal entities are regulated broker-dealers. DTCC highly encourages companies to have regulatory approval before engaging our organization. However, although other factors are relevant, DTCC is willing to review applications on a case-by-case basis, as long as regulatory approval is imminent. This review is subject to the applicant meeting any other conditions DTCC deems necessary for the particular membership type.