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Order Granting Approval of a Proposed Rule Change Concerning Requests for Withdrawal of Certificates by Issuers (2003) (www.federalregister.gov)

submitted 7 months ago by [email protected] to c/[email protected]

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This rule change (approved by the SEC) prevents issuers (such as GameStop) from withdrawing their shares from the DTC.

Recently a number of issuers of securities have independently requested that DTC withdraw from the depository all securities issued by them.

As explained in further detail by many of the commenters opposing DTC's proposal, the issuers making these requests have alleged that their securities have been the target of manipulative short sellers.

DTC's proposed rule change provides that upon receipt of a withdrawal request from an issuer, DTC will take the following actions:

(1) DTC will issue an Important Notice notifying its participants of the receipt of the withdrawal request from the issuer and reminding participants that they can utilize DTC's withdrawal procedures if they wish to withdraw their securities from DTC; and

(2) DTC will process withdrawal requests submitted by participants in the ordinary course of business but will not effectuate withdrawals based upon a request from the issuer."

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[–] [email protected] 3 points 7 months ago

So they are making sure there's enough time for more crime first?