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+**[Source](https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/DTC/SR-DTC-2021-003-Approval-Notice.pdf)**
+
+SECURITIES AND EXCHANGE COMMISSION
+(Release No. 34-91336; File No. SR-DTC-2021-003)
+March 16, 2021
+Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and
+Immediate Effectiveness of a Proposed Rule Change to Remove the Requirement for
+Participants to Submit Monthly Position Confirmations and Clarify Participant
+Obligation to Reconcile Activity on a Regular Basis
+Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1
+and
+Rule 19b-4 thereunder,
+2
+notice is hereby given that on March 9, 2021, The Depository
+Trust Company (“DTC”) filed with the Securities and Exchange Commission
+(“Commission”) the proposed rule change as described in Items I, II and III below, which
+Items have been prepared by the clearing agency. DTC filed the proposed rule change
+pursuant to Section 19(b)(3)(A) of the Act3
+and Rule 19b-4(f)(2) thereunder.
+4
+ The
+Commission is publishing this notice to solicit comments on the proposed rule change
+from interested persons.
+I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule
+Change
+The proposed rule change of The Depository Trust Company (“DTC”) would
+eliminate the requirement that a Participant must confirm its activity statements monthly
+through DTC’s Participant Inquiry Notification System (“PINS”) system. Pursuant to the
+proposed rule change, this requirement would be removed from the DTC PTS/PBS
+
+1
+15 U.S.C. 78s(b)(1).
+2
+17 CFR 240.19b-4.
+3
+15 U.S.C. 78s(b)(3)(A).
+4
+17 CFR 240.19b-4(f)(2).
+2
+Functions Guides5
+ (“PTS/PBS Guides”), as described below. In addition, the proposed
+rule change would revise and add text to clarify Participants’ ongoing obligations to
+reconcile their respective transaction activity as set forth in the ClaimConnectTM Service
+Guide, Custody Service Guide, Deposits Service Guide, Distributions Service Guide,
+Redemptions Service Guide, Reorganizations Service Guide, Settlement Service Guide
+and Underwriting Service Guide (“Service Guides”).6
+
+II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the
+Proposed Rule Change
+In its filing with the Commission, the clearing agency included statements
+concerning the purpose of and basis for the proposed rule change and discussed any
+comments it received on the proposed rule change. The text of these statements may be
+examined at the places specified in Item IV below. The clearing agency has prepared
+summaries, set forth in sections A, B, and C below, of the most significant aspects of
+such statements.
+
+5 Available at http://www.dtcc.com/settlement-and-asset-services/edl-ptspbsfunction-guides.
+6 Available at https://www.dtcc.com/legal/rules-and-procedures. The service
+guides constitute Procedures of DTC. Pursuant to the Rules, the term
+“Procedures” means the Procedures, service guides, and regulations of DTC
+adopted pursuant to Rule 27, as amended from time to time. See Rule 1, Section
+1, infra note 2. DTC’s Procedures are filed with the Securities and Exchange
+Commission (“Commission”). They are binding on DTC and each Participant in
+the same manner as they are bound by the Rules. See Rule 27, infra note 2. 
+3
+(A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for,
+the Proposed Rule Change
+1. Purpose
+The proposed rule change of DTC would eliminate the requirement that a
+Participant must confirm its activity statements monthly through PINS. Pursuant to the
+proposed rule change, this requirement would be removed from the PTS/PBS Guides7
+, as
+described below. In addition, the proposed rule change would revise and add text to
+clarify Participants’ ongoing obligations to reconcile their respective transaction activity
+and other information as set forth in the Service Guides.
+Background
+DTC provides regular reports and statements to Participants showing their
+settlement activity; this includes activity, risk control monitoring and settlement reports.
+The Procedures of DTC require Participants to reconcile both their activity and positions
+with DTC upon receipt of applicable daily activity statements at the end of each day and
+to immediately report any discrepancies.8
+ Participants must also provide a month-end
+confirmation of their activity.9
+With respect to the month-end confirmation, the PTS/PBS Guides require each
+Participant to reconcile and confirm with DTC its month-end securities positions listed on
+
+7 Available at http://www.dtcc.com/settlement-and-asset-services/edl-ptspbsfunction-guides.
+8 See Settlement Service Guide, see supra at 6.
+9 See PTS/PBS Guides (PIAR-PUTS), available at http://www.dtcc.com/-
+/media/Files/Downloads/Settlement-Asset-Services/EDL/PTS_Functions_P2.pdf
+at 20-21.
+4
+its DTC monthly statement of positions (“Monthly Position Statement”).10
+ No later than
+the 10th business day after the last Friday of the month, the Participant must confirm the
+accuracy of the position statement electronically via PINS.11
+
+If a Participant has more than one account, it must confirm the Monthly Position
+Statement for each account. Also, a partner or officer of the Participant must perform the
+end-of-month confirmation at least once in a 12-month period.12
+Pursuant to the PTS/PBS Guides, failure by a Participant to confirm within the
+prescribed schedule will subject it to fines, pursuant to DTC’s Rule 21. A first
+occurrence will cause the Participant to receive a warning letter of a failure to provide
+timely confirmation. For a second occurrence, a fine of $150 will be charged. Each
+subsequent occurrence will be subject to a $300 fine. Occurrences are determined on a
+moving 12-month period.
+DTC believes that the requirement for Participants to submit a month-end
+confirmation of positions is no longer necessary for DTC or its Participants to ensure
+prompt and accurate reconciliations by Participants of their activity. In the past,
+Participants frequently received hard copy reports relating to their DTC activity, which
+could take longer to process and reconcile than electronic reports. Today, reports and
+statements are offered exclusively in electronic form, which facilitates the daily
+reconciliation of activity by Participants in a prompt and accurate manner through
+automated means. In this regard, DTC proposes to eliminate the requirement set forth in
+
+10 Id.
+11 Id.
+12 Id.
+5
+the PTS/PBS Guides for Participants to submit a month-end confirmation, as described
+below. In this regard, an affirmative confirmation of positions would no longer be
+required and the functionality for such an affirmative confirmation would be
+decommissioned.
+In addition, DTC proposes to further clarify, within the Service Guides,
+Participants obligations to regularly reconcile their activity daily; and also, as applicable,
+refine text contained in certain Service Guides relating to Participants obtaining and
+reconciling certain corporate actions-related information that they may use in connection
+with their use of DTC’s services, as described below. The proposed rule change would
+add contact information to the text of the Service Guides for a Participant to report to
+DTC any discrepancies in information, reports and statements provided to it by DTC on
+the Participant’s activity and positions, as described below.
+Proposed Rule Change
+PTS/PBS Guides
+As mentioned above, the requirement that DTC proposes to remove, as described
+above, for a Participant to perform a month-end confirmation of its activity is set forth in
+the PTS/PBS Guides. In this regard, the proposed rule change DTC would delete the
+following text from the applicable section13 of the PTS/PBS Guides:
+“ About End of Month Confirmation Procedures
+DTC procedures require you to reconcile and confirm with DTC your month-end
+positions listed on the DTC Monthly Position Statement. No later than the 10th
+
+13 See supra note 9.
+6
+business day after the last Friday of the month, you must confirm the accuracy of
+the position statement electronically via PINS. DTC will send a reminder notice
+of the confirmation due date via an electronic message posted on the PINS
+Bulletin Board.
+If you have multiple accounts, you must confirm the end-of-month position
+statement for each account. Also, a partner or officer of the participant firm must
+perform the end-of-month confirmation at least once in a 12-month period.
+Note- You may need a new password or password reset, which can be obtained by
+contacting your relationship manager. This must be accomplished within the 10-
+day confirmation period.
+You must ensure adequate backup to fulfill this ongoing requirement.
+Failure to confirm within the prescribed schedule will subject you to fines,
+pursuant to DTC's Rule 21. (DTC's rules are available at
+https://login.dtcc.com/dtcorg) You will receive a warning letter for the first
+occurrence of a failure to provide timely confirmation. For a second occurrence, a
+fine of $150 will be charged. Each subsequent occurrence will be subject to a
+$300 fine. Occurrences are determined on a moving 12-month period.
+If you need help with obtaining passwords or have questions about this procedure,
+please contact your relationship manager. For help with using the PTS function
+PINS or the Web version (available at https://login.dtcc.com/dtcorg), please call
+1-(888) 382-2721 and select option 6.
+7
+To view the procedures and screens for processing end of month confirmations,
+click here.
+ Associated Products
+PINS is used in association with all of DTC's services and products.
+_________________________________________________________________
+List of Procedures:
+_________________________________________________________________
+Accessing the Bulletin Board
+Use the following procedure to access the Bulletin Board where you can view
+global notices as well as your own notices.
+1 Type PINS on the Enter Function screen and press ENTER.
+Result- The PINS Menu appears.
+2 Press PF3/15.
+Result- The Bulletin Board Notice List appears.
+3 Press PF6/18 or type X to the left of a selected notice and press
+ENTER to view details for a notice.
+Result- The Bulletin Board Inquiry screen appears.
+Note- If you pressed PF6/18 you will be able to go through all the
+notices on the list using the scrolling keys.
+Inquiring About End of Month Confirmations
+Use the following procedure to view information about your End of Month
+confirmations. 
+8
+1 Type PINS on the Enter Function screen and press ENTER.
+Result- The PINS Menu appears.
+2 Type 6 in the Enter Option field and press ENTER.
+Result- The End of Month Confirmation Inquiry screen appears,
+displaying your notification confirmations for the past thirteen months
+and the status of each.
+Processing an End of Month Confirmation
+Use the following procedure to confirm outstanding end of month confirmations
+or add new notifications.
+1 Type PINS on the Enter Function screen and press ENTER.
+Result- The PINS Menu appears.
+2 Type 11 in the Enter Option field and press ENTER.
+Result- The End of Month Confirmation Initialization screen appears.
+Note- If a partner or officer of your company has not executed the
+confirmation process within the last twelve months, a message
+indicating this is displayed and you will not be able to continue this
+process. In this case, contact your relationship manager.
+3 Refer to the Field Descriptions for the End of Month Confirmation
+Initialization screen and type the appropriate information in the entry
+fields provided, then press ENTER.
+Result- The End of Month Confirmation Browse screen appears,
+displaying the open notifications for the specified month and year.
+4 Optional. To view detailed information about the notifications, press
+PF6/18.
+Result- The Notification Inquiry screen appears. You can use the
+scrolling keys to display the information for all items for the specified
+month and year.
+Note- You can also display the details for a specific item on the End
+of Month Confirmation Browse screen by typing any character to the 
+9
+left of the item and pressing ENTER. The Notification Inquiry screen
+appears.
+5 Optional. To add a notification, press PF4/16.
+Result- The Activity Code List screen appears.
+6 Optional. Type the appropriate code in the Enter Activity Code field
+and press ENTER.
+Result- The Notification Add screen appears.
+7 Optional. Refer to the Field Descriptions for the Notification Add
+screen and type the appropriate information in the entry field
+provided, then press PF1/13.
+Result- The notification is added.
+8 Optional. Press PF6/18.
+Result- The End of Month Confirmation Browse screen appears,
+displaying the notification you added.
+9 Optional. To view the details of one or more notifications, see Step 4.
+To add another notification, see Steps 5 to 7.
+10 Press PF1/13 to confirm the notifications for the specified month and
+year.
+Result- The message 'End of month confirmation has been finalized'
+appears.”
+Service Guides
+In addition, to provide added clarity regarding a Participant’s obligation to
+reconcile its activity daily, DTC would add the following text to the “Overview” section
+of each of the Service Guides:14
+
+14 These Service Guides, consistent with the term defined above, include the
+ClaimConnectTM Service Guide, Custody Service Guide, Deposits Service Guide,
+Distributions Service Guide, Redemptions Service Guide, Reorganizations
+Service Guide, Settlement Service Guide and Underwriting Service Guide. See
+also, supra note 6. 
+10
+“Note: It is the sole responsibility of Participants to perform a daily reconciliation
+of their activity and positions with the information, reports and statements
+provided by DTC. Participants must immediately report to DTC any discrepancy
+between their activity and positions with the information, reports and statements
+provided by DTC or other issues relating to the accuracy of the information,
+reports and statements provided by DTC. Such reports must be made to DTC by
+(i) calling the Client Support hotline at 1-888-382-2721 (and selecting Option 1,
+Option 1) to speak with a DTC representative and (ii) providing a written detailed
+description of the discrepancy to the DTC representative, or as otherwise directed
+by DTC in writing. DTC shall not be liable for any loss resulting or arising
+directly or indirectly from mistakes, errors, or omissions related to the
+information, reports or statements provided by DTC, other than those caused
+directly by gross negligence or willful misconduct on the part of DTC.”
+In addition, to promote consistency among the Service Guides in this regard, DTC
+would delete the following text as it appears in the “Overview” section of the Deposits
+Service Guide because it would be replaced by the above.
+“Warning! Although DTC makes every effort to provide Participants with timely
+information with respect to deposit activity, Participants are primarily
+responsible for maintaining such information for purposes of their own
+bookkeeping. It is recommended that every Participant reconcile its records with
+information provided by DTC before and after making a deposit and before and
+after any critical dates.”
+11
+Also, to promote consistency among the Service Guides in this regard, DTC
+would delete the following text as it appears in the “Overview” section of the Settlement
+Service Guide because it would be replaced by the above.
+“Note- Although DTC makes every effort to provide the Participant with timely
+information, the Participant is primarily responsible for obtaining such
+information without reliance on DTC. DTC recommends that Participants
+reconcile their records with DTC's records before any critical dates or cutoff
+times.”
+Furthermore, DTC would delete the following text as it appears in the
+“Overview” section of the Distributions Service Guide relating to obtaining and
+reconciling certain corporate actions-related information and replace it with text revised
+for further clarity in this regard, as more fully described below:
+“Note: Although DTC makes every effort to provide you with timely information
+regarding income payments, you are primarily responsible for obtaining such
+information without reliance on DTC. We recommend that you reconcile your
+records with DTC's in advance of dividend or interest payable dates.”
+Also, DTC would delete the following text as it appears in the “Overview” section
+of the Redemptions Service Guide relating to obtaining and reconciling certain corporate
+actions-related information and replace it with text revised for further clarity in this
+regard, as more fully described below:
+12
+“Note: Although DTC makes every effort to provide you with timely information
+regarding redemption and maturity payments, you are primarily responsible for
+obtaining such information without reliance on DTC. We recommend that you
+reconcile your records with DTC’s in advance of redemption or maturity payable
+dates.”
+DTC would delete the following text as it appears in the “Overview” section of
+the Reorganizations Service Guide relating to obtaining and reconciling certain corporate
+actions-related information and replace it with text revised for further clarity in this
+regard, as more fully described below:
+“Note:
+This guide provides information regarding DTC’s processing of reorganization
+events. DTC obtains this information from sources it believes to be reliable, but
+DTC does not represent the accuracy, adequacy, timeliness, completeness or
+fitness for any particular purpose of this information, which is provided as is.
+Furthermore, this information is subject to change. Participants should
+independently obtain, monitor and review any available documentation relating to
+the reorganization activity and verify information obtained from DTC. In
+addition, nothing contained in such information shall relieve participants of their
+responsibility under DTC’s Rules and Procedures to check the accuracy of this
+information.”
+13
+DTC would replace the text deleted from the Distributions, Redemptions and
+Reorganizations Service Guides, as proposed above, with the following:
+“Subject to the terms of the “Important Legal Information” section, while DTC
+endeavors to provide Participants with timely and accurate information with
+respect to Distributions, Redemptions, and Reorganizations events, Participants
+are responsible for monitoring, obtaining and confirming such information
+without reliance on DTC, and for reconciling their records in advance of any
+critical dates, including, but not limited to, dividend, interest payable, redemption,
+maturity payable, and voluntary and mandatory reorganizations dates.”
+Effective Date
+The proposed rule change would become effective upon filing.
+2. Statutory Basis
+Section 17A(b)(3)(F) of the Securities Exchange Act of 1934 (“Act”),15 requires
+that the rules of the clearing agency be designed, inter alia, to promote the prompt and
+accurate clearance and settlement of securities transactions. DTC believes that the
+proposed rule change is consistent with this provision of the Act.
+The proposal would eliminate an outdated requirement that Participants perform
+month-end confirmations, as described above. By removing this requirement,
+Participants would be able to allocate the time they spend on month-end confirmations to
+other DTC-related activities as they deem necessary, including performance of daily
+reconciliations. By removing an obligation that DTC believes in no longer necessary to
+
+15 15 U.S.C. 78q-1(b)(3)(F).
+14
+facilitate the prompt and accurate reconciliation of Participant reports, and by facilitating
+Participants’ ability to allocate the associated resources to other activities relevant to their
+DTC activity, including checking the accuracy of daily activity statements and reports
+relating to activity at DTC, DTC believes the proposed rule change would promote the
+prompt and accurate clearance and settlement of securities transactions.
+The proposed changes to revise and add text to clarify Participants’ ongoing
+obligations to reconcile their respective transaction activity in the Service Guides will
+enhance the clarity and transparency of the Service Guides. By enhancing the clarity and
+transparency of the Service Guides, the proposed changes would allow Participants to
+more efficiently and effectively conduct their business in accordance with the Service
+Guides, which DTC believes would promote the prompt and accurate clearance and
+settlement of securities transactions.
+Therefore, for the above reasons, DTC believes that the proposed rule change
+helps promote the prompt and accurate clearance and settlement of securities
+transactions, consistent with Section 17(A)(b)(3)(F) of the Act.16
+(B) Clearing Agency’s Statement on Burden on Competition
+DTC does not believe that the proposed rule change will have any impact on
+competition because the elimination of the requirement of a month-end confirmation by
+Participants, as described above, will merely change the ability of Participants to review
+and reconcile their activity with DTC in a prompt and accurate manner and not otherwise
+affect Participants’ rights or obligations. The proposed changes to revise and add text to
+clarify Participants’ ongoing obligations to reconcile their respective transaction activity
+
+16 Id.
+15
+in the Service Guides will merely enhance the clarity and transparency of the Services
+Guides and would not affect DTC’s operations or the rights or obligations of the
+Participants.
+(C) Clearing Agency’s Statement on Comments on the Proposed Rule Change
+Received from Members, Participants, or Others
+Written comments relating to this proposed rule change have not been solicited or
+received. DTC will notify the Commission of any written comments received by DTC.
+III. Date of Effectiveness of the Proposed Rule Change, and Timing for Commission
+Action
+The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)17
+of the Act and paragraph (f)18 of Rule 19b-4 thereunder. At any time within 60 days of
+the filing of the proposed rule change, the Commission summarily may temporarily
+suspend such rule change if it appears to the Commission that such action is necessary or
+appropriate in the public interest, for the protection of investors, or otherwise in
+furtherance of the purposes of the Act.
+IV. Solicitation of Comments
+Interested persons are invited to submit written data, views and arguments
+concerning the foregoing, including whether the proposed rule change is consistent with
+the Act. Comments may be submitted by any of the following methods:
+Electronic Comments:
+ Use the Commission’s Internet comment form
+
+17 15 U.S.C 78s(b)(3)(A).
+18 17 CFR 240.19b-4(f).
+16
+(http://www.sec.gov/rules/sro.shtml); or
+ Send an e-mail to rule-comments@sec.gov. Please include File Number
+SR-DTC-2021-003 on the subject line.
+Paper Comments:
+ Send paper comments in triplicate to Secretary, Securities and Exchange
+Commission, 100 F Street, NE, Washington, DC 20549.
+All submissions should refer to File Number SR-DTC-2021-003. This file number
+should be included on the subject line if e-mail is used. To help the Commission process
+and review your comments more efficiently, please use only one method. The
+Commission will post all comments on the Commission’s Internet website
+(http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent
+amendments, all written statements with respect to the proposed rule change that are filed
+with the Commission, and all written communications relating to the proposed rule
+change between the Commission and any person, other than those that may be withheld
+from the public in accordance with the provisions of 5 U.S.C. 552, will be available for
+website viewing and printing in the Commission’s Public Reference Room, 100 F Street,
+NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m.
+and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the
+principal office of DTC and on DTCC’s website (http://dtcc.com/legal/sec-rulefilings.aspx). All comments received will be posted without change. Persons submitting
+comments are cautioned that we do not redact or edit personal identifying information 
+17
+from comment submissions. You should submit only information that you wish to make
+available publicly. All submissions should refer to File Number SR-DTC-2021-003 and
+should be submitted on or before [insert date 21 days from publication in the Federal
+Register].
+For the Commission, by the Division of Trading and Markets, pursuant to
+delegated authority.19
+J. Matthew DeLesDernier
+Assistant Secretary
+
+19 17 CFR 200.30-3(a)(12).