The steady increase in requests for 直接转矩’s Security Position Reports (SPRs) has put a spotlight on the crucial communications role these reports play for issuers identifying investors affected by corporate actions. SPRs are special web-based reports that enable issuers, trustees and authorized third-party agents to see the position holdings of The Depository Trust Company (直接转矩) Participants in the issuer’s security as of a specified date. Equally important is the need for SPRs due to the increase in special meetings and rescheduling of annual meetings because of the COVID-19 pandemic.
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在过去一年内, SPR requests have risen by 11% and access requests to use the service have also increased by 36%. To learn more about this service, 存管连接 talked to 乔伊斯·罗森, 存 Product Manager, 资产服务.
DC: Why are SPRs important to issuers?
JR: The securities held at 直接转矩 are registered in 直接转矩’s nominee name -- Cede & Co., so from 直接转矩’s books alone, the issuer isn’t able to determine who the beneficial owners are. SPR enables issuers to see position holdings of 直接转矩 Participants as of a specified date. 与, issuers can then identify their security holders as recorded on the books and records of the 直接转矩 Participants. SPR is an essential link between issuers and their investors and the only means available for issuers to ultimately identify and communicate with them.
The SPR service also provides gateway access to receive an omnibus proxy, which enables issuers to coordinate with their tabulation agents the distribution of proxy materials to beneficial owners who can subsequently vote on matters concerning their investment such as electing company board members or voting on various company reorganization events, 在其他业务中.
DC: How does the SPR service work?
JR: 在发行, 直接转矩 works with the underwriter to make the security 直接转矩-eligible, enabling the underwriter to distribute the securities quickly, safely and economically via electronic book-entry delivery and settlement. The securities are then available for the full range of depository services.
SPRs are one of the add-on services available for clients; they only have to register for access and select the subscription service best fitting their needs. Reports are delivered conveniently through a web browser, spreadsheet, or file. SPR is offered in conjunction with 直接转矩’s 代理服务.
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DC: What are the tangible benefits for 直接转矩 clients?
JR: When an issuer makes its security 直接转矩-eligible, it stands to benefit from the efficiencies available in the capital markets through cost reduction, thus enabling their issue to be distributed, settled and serviced through 直接转矩’s automated processes. The SPR service is one of many services that 直接转矩 provides in the course of servicing the securities in our custody and a vital communications link between issuers and their investors.
To register for 存’s Security Position Reports or for more information about the service please 点击这里.