DTC & CDS Eligibility & Processing Services
How Do I Obtain FAST Status?
Complete and return FAST - DWAC application
We submit your application to the DTC
DTC reviews the application for a general period of 7-10 days
Once approved, you’re DWAC FAST! If you’re not approved, you may apply in 90 days for no additional fee
If you would like to be DRS FAST, repeat steps 1-2
DRS FAST is generally a same day approval!
Who is DTC?
The Depository Trust and Clearing Corporation (DTC) is a post-trade financial services company which provides clearing and settlement services to the financial markets. The main function of DTC is to act as a securities depository for its participants (broker-dealers and banks) and facilitate the transfer and settlement of securities amongst its participants and limited participants (transfer agents).
Fast Automated Securities Transfer (FAST) is a program between DTC and transfer agents which eliminates the movement of physical securities by allowing transfer agents to act as custodians for the securities. FAST greatly reduces the costs associated with transferring physical stock certificates and increases the efficiency of transfers and settlement. Securities are transferred either through DWAC or DRS on the FAST platform.
Deposit/Withdrawal at Custodian (DWAC) is a method of electronically transferring new shares or certificates to and from DTC using the transfer agent as the distribution point. DTC participants are able to request the movement of shares to or from the transfer agent electronically.
Direct Registration System (DRS) is a system which allows securities to be held in book-entry form at the transfer agent without having a physical certificate. DRS shares are registered in the name of the registered shareholder and can be transferred to broker-dealers electronically through FAST. Unlike DWAC, DRS shares have already been issued and are held on the books of the transfer agent.
In order to expedite your application, we recommend that you:
Be fully reporting without missing or being late on any reports.
Have limited corporate actions and officer changes within the last 3-5 years.
Check if the company and/or officers are involved in lawsuits. If so, a detailed explanation may be required.
Avoid Reg 504D issuances or other unregistered resales.
Update OTC Markets so that there are no “Halt” or “Yield” statuses.
Reapply in 2 to 3 months if the company is rejected.
Working with CDS
Canadian Depository for Securities (CDS)
Owned by TMX, who also owns the TSX and TSX-V, CDS is Canada’s national securities depository, managing the safekeeping of depository-eligible domestic and international securities in both electronic and physical certificate form.
CDS has custodial relationships with CAVALI (Peru), DTC (USA), Euroclear France and Skandinaviska Enskilda Banken AB (Sweden) allowing dually listed companies easier access to move eligible securities listed abroad.
By retaining a transfer agent, securities can be held as a ‘non-certificated inventory’ issue. Certificates are available to registered holders but with arrangements with CDS, the transfer agent does not issue the certificates registered in CDS’s name and instead holds the records for the issue electronically.
As the national numbering agent for Canada, CDS assists issuers, agents or underwriters with purchasing an ISIN (International Security Identification Number) or CUSIP number.
With an in-depth knowledge of and close working relationship with the CDS in Canada and the DTC in the United States, Pacific Services Group is capable of handling any questions or issues related to the CDS. In addition, as a FAST participant, we are able to handle all of your book-entry transactions with the CDS.
CDS offers book-entry-only (BEO) service options.
Understanding DRS
Direct Registration System (DRS)
DRS offers simplicity and efficiency to both your shareholders and your organization.
DRS is a system that allows securities to be held in “book- entry” form without having a physical certificate issued as evidence of ownership. These shares are, instead, registered electronically in our record keeping system.
Holders of securities in DRS (book-entry form) have all the traditional rights and privileges as holders of securities in certificate form. Shareholders benefit because it;
Eliminates the need for shareholders to safeguard and store certificates.
Allows shareholders to avoid the significant cost of a surety bond for the replacement of and effort involved in replacing physical certificate(s) that might be lost, stolen or destroyed.
Permits electronic security transactions between your broker or dealer and Pacific Services Group as transfer agent.