THE DEPOSITORY TRUST COMPANY
RULES ___________________________________________
BY-LAWS ___________________________________________
ORGANIZATION CERTIFICATE
THE DEPOSITORY TRUST COMPANY
NOVEMBER 2020
RULES, BY-LAWS AND ORGANIZATION CERTIFICATE
OF THE DEPOSITORY TRUST COMPANY
INDEX Page
RULE 1 DEFINITIONS; GOVERNING LAW .............................................................................1 RULE 2 PARTICIPANTS AND PLEDGEES .............................................................................20 RULE 3 PARTICIPANTS QUALIFICATIONS..........................................................................32 RULE 4 PARTICIPANTS FUND AND PARTICIPANTS INVESTMENT ..............................33 RULE 4(A) PLEDGE OF PROPERTY TO THE CORPORATION AND ITS LENDERS .......49 RULE 5 ELIGIBLE SECURITIES ..............................................................................................52 RULE 6 SERVICES .....................................................................................................................54 RULE 7 PARTICIPANT REPRESENTATIVES ........................................................................59 RULE 8 DELIVERIES OF NOTIFICATIONS AMONG PARTICIPANTS AND
PLEDGEES ....................................................................................................................60 RULE 9(A) TRANSACTIONS IN SECURITIES AND MONEY PAYMENTS .......................61 RULE 9(B) TRANSACTIONS IN ELIGIBLE SECURITIES ....................................................63 RULE 9(C) TRANSACTIONS IN MMI SECURITIES ..............................................................68 RULE 9(D) SETTLING BANKS .................................................................................................71 RULE 9(E) CLEARING AGENCY AGREEMENTS .................................................................73 RULE 10 DISCRETIONARY TERMINATION .........................................................................74 RULE 11 MANDATORY TERMINATION ...............................................................................78 RULE 12 INSOLVENCY.............................................................................................................79 RULE 13 REINSTATEMENT .....................................................................................................81 RULE 14 INSURANCE ...............................................................................................................82
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RULE 15 REPORTS.....................................................................................................................83 RULE 16 LISTS TO BE MAINTAINED ....................................................................................84 RULE 17 ADMISSION TO PREMISES .....................................................................................85 RULE 18 WAIVER OR SUSPENSION OF RULES AND PROCEDURES..............................86 RULE 19 NOTICE OF PROPOSED RULE CHANGES.............................................................87 RULE 20 CHARGES FOR SERVICES RENDERED ................................................................88 RULE 21 DISCIPLINARY SANCTIONS ...................................................................................89 RULE 22 RIGHT TO CONTEST DECISIONS...........................................................................90 RULE 23 BILLS RENDERED.....................................................................................................93 RULE 24 FORMS.........................................................................................................................94 RULE 25 BUSINESS DAYS .......................................................................................................95 RULE 26 FACSIMILE SIGNATURES .......................................................................................96 RULE 27 PROCEDURES ............................................................................................................97 RULE 28 DELEGATION.............................................................................................................98 RULE 29 CAPTIONS...................................................................................................................99 RULE 30 CANADIAN-LINK SERVICE ..................................................................................100 RULE 31 DTCC SHAREHOLDERS AGREEMENT ...............................................................120 RULE 32 WIND-DOWN OF A PARTICIPANT ......................................................................121 RULE 32(A) WIND-DOWN OF THE CORPORATION .........................................................122 RULE 33 DEPOSIT CHILLS AND GLOBAL LOCKS............................................................133 RULE 34 EB COLLATERAL POSITIONING .........................................................................136 RULE 35 CMSP REPORTS AND INSTRUCTIONS ...............................................................140 RULE 36 SEGREGATED ACCOUNTS FOR SWAP MARGIN .............................................143 RULE 37 SEGREGATED ACCOUNTS FOR CUSTOMER PROPERTY ..............................147 RULE 38 MARKET DISRUPTION AND FORCE MAJEURE ...............................................151
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POLICY STATEMENTS ON THE ADMISSION OF PARTICIPANTS AND PLEDGEES ...154 POLICY STATEMENT ON THE ELIGIBILITY OF FOREIGN SECURITIES ......................158 BY-LAWS ...................................................................................................................................161 ORGANIZATION CERTIFICATE*...........................................................................................171
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RULE 1
DEFINITIONS; GOVERNING LAW
Section 1. Unless the context requires otherwise, the terms defined in this Rule shall, for all purposes of these Rules, have the meanings herein specified:
Account
The term "Account" means a Securities Account or a Settlement Account, as the context may require. Any reference in these Rules to the Account (or the Securities Account or Settlement Account) of a Participant or Pledgee shall be deemed to be a reference to the appropriate Account or Accounts of the Participant or Pledgee if the Participant or Pledgee has more than one such Account. Any reference in these Rules to the Account (or the Securities Account or Settlement Account) of the Corporation shall be deemed to be a reference to the appropriate Account or Accounts of the Corporation if the Corporation has more than one such Account.
Account Family
The term "Account Family" means an Account or group of Accounts, designated as such by a Participant in the manner specified in the Procedures, using a common set of risk management controls pursuant to Rule 9(B) and Rule 9(C).
Acronym
The term "Acronym" means, with respect to MMI Securities of an issuer, the unique identifier which the Corporation has assigned, in the manner specified in the Procedures to a designated subgroup of MMI issuances of an MMI issuer.
Actual Participants Fund Deposit
The term "Actual Participants Fund Deposit" of a Participant means the actual amount the Participant has Deposited to the Participants Fund, including both its Required Participants Fund Deposit and any Voluntary Participants Fund Deposit.
Actual Preferred Stock Investment
The term "Actual Preferred Stock Investment" of a Participant means the actual amount of Preferred Stock the Participant owns, expressed in dollars by multiplying (i) the number of shares of Preferred Stock the Participant owns by (ii) the Preferred Stock Par Value.
Affiliated Family
The term "Affiliated Family" means each Participant that controls or is controlled by another Participant and each Participant that is under the common control of any Person.
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AUGUST 2018
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