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DTC, Chills at The Depository Trust Company


DTC Chills

Occasionally a problem may arise with a company or its securities on deposit at The Depository Trust Company (DTC). In some of those cases DTC may impose a “chill” or a “freeze” on all the company’s securities. A “chill” is a restriction placed by DTC on one or more of DTC’s services, such as limiting a DTC participant’s ability to make a deposit or withdrawal of the security at DTC. A chill may remain imposed on a security for just a few days or for an extended period of time depending upon the reasons for the chill and whether the issuer or transfer agent corrects the problem. For more information on DTC chills and freezes, please read our investor bulletin “DTC Chills and Freezes.”

We have provided this information as a service to investors.  It is neither a legal interpretation nor a statement of SEC policy.  If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.