DTC proposes AnnounceDirect portal for corporate action announcements

On September 15, 2026, The Depository Trust Company (DTC) filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106486; File No. SR-DTC-2026-010). The filing amends the Operational Arrangements - procedures that are binding on DTC and each participant - to create AnnounceDirect, a structured electronic portal for submitting corporate-action announcements.

AnnounceDirect is intended to replace the current mix of email, templates and other manual intake methods with a standardized, web-based interface. Agents may upload the Redemptions Cash Events Template, use an automated feed, or complete a structured intake form on the portal. Business-logic validation will check required fields and route submissions to DTC processing systems or an exceptions queue that agents must monitor and resolve.

The proposed rule change outlines a phased implementation. Beginning in November 2026, agents would be required to submit full-call, partial-call, final-paydown, final-default distribution and advance-refunding notices (Redemptions I) via AnnounceDirect. In 2027, all remaining redemption notice types (Redemptions II) would transition. The rollout would continue with all reorganization notices in 2028 and all distribution notices in 2029. An Important Notice will be provided at least 14 days before each phase, after which the corresponding legacy submission methods will be removed from the Operational Arrangements.

The Commission is publishing the notice in the Federal Register (Vol. 91, No. 187, pages 61520-61526) to solicit comments from interested persons. The proposed amendments also include clarifications on submission channels, agent responsibilities, good-order requirements, timing, and terminology, aiming to reduce manual processing, improve data accuracy, and expedite dissemination of corporate-action information to DTC participants.