DRS - Direct Registration System (Agent)

Transfer Agents use this function to transfer DRS shares from the transfer agent's account to a Broker's account at DTCC.

For more information about DRS, refer to the PBS user guide, Corporate Trust Services – Securities Processing For FAST Agents

Also, the new modernized Direct Registration System (DRS) is available (in PSE) in the Securities Processing Application (SPA) system as an online facility via the MyDTCC Portal or through Automated Programming Interface (API). Users are provisioned access through their Super Access Coordinator (SAC) to the SPA system, APIs are available in the DTCC API Marketplace at dtcc.com.

To learn more refer to the SPA Agent Online Help Guide:

Overview

Participant firms use the Direct Registration System (DRS) to request deliveries of (Beneficial Owners) shares held in the customers’ account established at the transfer agent in book-entry form. This is accomplished using a DRS Profile Deposit Request and results in the customer's DRS shares being moved from the transfer agent to DTC via a Deliver Order (DO) to the requesting participant which credits the participants free position at DTC with the beneficial owners’ shares. Participants can request shares be removed from their participant free position at DTC using a DRS Withdrawal transaction, which instructs the transfer agent to remove the (Beneficial Owners) shares from the participants DTC account which credits the shares to the customers’ account at the transfer agent.

Transfer Agents may “approve” or “reject” a deposit or withdrawal request which can result in a pass-through fee imposed by the transfer agent.

 

Approved Profile Deposits will credit the shares in the transfer agents Limited Purpose Account (LPA) and automatically create the DO sending the shares to the requesting Participant account at DTC. When Profile Deposit instructions follow the below request options, transfer agents will be required to enter the associated share quantity upon approving the request (this will allow the DO to be automatically created).

• Q - Quantity. (If not all shares are desired to be moved, enter the quantity)
• A - Whole and Sell Fraction. (Assumes all shares will move)
• T - Whole, Sell Fraction and Terminate the Account. (Assumes all shares will move)
• P - Whole and Keep Fraction. (Assumes all shares will move)

Rejected Profile Deposits will require transfer agents to select a reason describing why the transaction is not being accepted (which may or may not result in a pass-through fee) and being returned to the participant for review.

Transfer Agents may receive requests directly from beneficial owners to move their shares to their account at a participant firm (known as manual movements). Transfer Agents initiate these movements from their LPA creating a DO to the participants account.

Participants can cancel a DRS Profile Request (deposit instruction) prior to the Transfer Agent approving it on the same day you created the request.