Under STC’s system, a clients request for DWAC and original issuances are submitted via fax or e-mail. Issuer requests are processed with physical certificates being issued, unless otherwise noted.
For DWAC requests, STC matches the broker’s instructions and the issuer’s request. Upon matching instructions, STC will process the DWAC transaction and credit the appropriate brokers account. The instruction letter must include the following:
- The receiving brokerage firm’s name
- The DTC number of the broker
- The exact name of the account that is to be credited as well as the account number.
The instructions MUST also include the name of the clearing firm originating this transaction plus the phone number and extension, and instructions that the shares are to be DWAC.
Once the paper work is reviewed and deemed to be complete the original issuance is processed with the new certificate issued in the name of Cede & Co.
At this time, the new certificate is then given to the processing department for matching of the shares with the entry on the FAST system. Please note that this system may only be used by issuers and clearing agents or brokers, and the DWAC’s may be processed for original issuances under registered stock options, incentives, or employee stock purchase plans, conversions of warrants or promissory note conversions. Shares to be issued other than pursuant to such registered plans may not be submitted for DWAC.
Other questions concerning stock issues, please contact us.