what's going on everyone i'm going to give it one more try and the only reason i'm doing this
is because i feel obligated because the community is still an array out of this topic so i have it
all here in one video this is the reality you can read it take from it what you want
if you're still concerned and have questions after this i can no longer help you
this is getting ridiculous and let's just go ahead and move forward
and we're going to talk about direct registration system how it works in a brief history
and again a list of resources for this presentation are found all right here
we have the dtc drs operations manual we have the dtcc drs about page how it works page we have the
fast program manual we have the dewac manual and we have the sec filing amending drs requirements
as well as dr suzanne trimbrath's comment letter in response to that proposed ruling
so a brief history i'm not going to read all this verbatim because at this point i feel like i'm
just regurgitating the same info but basically prior to the establishment of the fast program
transfers of securities to or from dtc occurred by sending securities back and forth
between dtc and transfer agents in the case of securities being deposited with dtc
dtc sent the certificates to the transfer agent for registration into the name of dcc's nominee
sedan co and the transfer agent return the re-registered certificates to dtc in the case
of securities being withdrawn from dtc dtc sent the certificates registered in the name of sedenco
to the transfer agent for re-registration into the name designated by the withdrawing dtc participant
this is what we're claiming is happening now this is how it used to be
this is before the implementation of the fast program so this sentence right here in the case of
securities being withdrawn the whole argument has seemed to gone it seems to have gone back now to
the primary reason for drs is to take shares out of the dtc which is not happening now in light
of the fast program dtc has re-examined the requirements of the fast program
with the view toward ensuring that the assets in the custody of transfer agents
which ultimately belong to dtc's participants and their customers are adequately protected
as under the fast program transfer agents hold fast eligible securities registered in the name
of sedan co in the form of balance certificates as additional securities are deposited or drawn
from dtc transfer agents adjust the denomination of the balance certificate as appropriate and
electronically confirm these changes with dtc such fast agents are holding in custody
those securities that would otherwise be held at dtc for the benefit of dtc's participants
as such the fast program reduces the movement of certificates between dtc and the transfer agents
and therefore reduces the cost and risk associated with the creation movement
and storing of certificates to dtc dtc participants issuers and transfer agents
now drs allows investors to hold a security as the registered owner in electronic form on the books
of the issuer rather than holding indirectly through a financial intermediary that holds
the security and street name or holding through the use of a certificate so what they're saying
is it allows you to take your shares electronic form and place them on
the books of the issuer rather than holding indirectly through a financial intermediary
through the use of fast drs also allows for the transfer of a drs position
from the books of the issuer to a financial intermediary through the facilities of dtc
therefore if your shares are not in physical form you have no way of proving you own those shares
other than the yearly advice report you get from the fast agents and or computer share in this case
these are the requirements to become a fast agent
transfer agent must be registered with the commission except where the transfer
agent's participation in the fast program is limited to acting solely for municipal issues
and follow all applicable rules under the exchange act as well as all other applicable federal and
state laws rules and regulations applicable to transfer agents including ofac regulations
in addition they must provide dtc with a written notification as soon as practicable
if its regulator has taken any regulatory action against the transfer agent
with respect to a violation any regulatory reports or information furnace to dtc
including that required pursuant to this item number one and item number 14 below
shall be held as confidential by dtc and will not be used for any purpose other than to manage the
risk of dtc and its participants the transfer agent must execute and fulfill the requirements
of the appropriate form of balance certificate agreement with dtc then it brings up super note
9. dtc currently maintains three forms of the balance certificate agreement one for transfer
agents one for issuers acting as their own agent and one for parties using a processing agent
so let's go back to this one if gamestop was their own agent it would be a lot better idea
than the fact we have an intermediary fast agent being computer shared that's the problem so
the point of this amendment here that we're about to look into is they're consolidating
those forms into one single form because their goal here is to eliminate physical certificates
and or the only true way to get your shares out of the dtc is by requesting a dwac withdrawal
which is a physical certificate medallion in your name
so point number three when applying for fast status the transfer agent
must include the name and q-sip of a minimum of one issue it wishes to add to the fast program
issues eligible for the fast program must be traded on exchange registered under section six
of the exchange act municipal securities or transferred by a transfer agent that already
acts as a fast transfer agent for at least five other issues that are traded on an exchange
the above provisions notwithstanding dtc reserves the complete discretion to include
or exclude any particular issue in the fast program so if the dtc didn't want gamestop to be
in the fast program it wouldn't be in it but the fact that it is in it means they're ready for it
requirement number four the agent must sign and fulfill requirements of the operational criteria
for the fast transfer agent processing and must comply with all applicable provisions of dtc's
operational arrangements the thing that korean and everyone else on reddit does not want to read
because it proves them all wrong number five in order to provide for the operational proficiency
and efficiency of the program on being accepted as a fast transfer agent
the transfer agent must complete dtc's training on fast functionality
and this is where it gets concerning so now that you know there's no possible way to get him out of
the dtc what's the risk if for those of you that have done it well the risk for them is nothing
because they have an insurance contract which is what the fast program basically is the the
fast agent is uh required to carry a minimum of 1 million in errors in emissions insurance with
a deductible of no more than 25 000 and must show evidence of the policy on applying for fast status
also have to have a male insurance policy of 10 million or more and show evidence of the policy
on applying for fast status so i mean they're protected you're not why because you give up the
only insurance you had the sipc insurance which you will no longer have with the rs
and then here's some other requirements you can read if you'd like to pause and read this
and here's a couple more
but yeah you can see it's highly regulated by the dtc making it nearly uh it's absurd
to think you're going to get your shares out of the dtc by using a dtc system first of all
here's some more requirements i believe there's 18 in total
oh yeah look at this fast agents must safeguard all the securities assets as stated under sacral
1780-12 and with at least the following additional dtc requirements maintaining a theft and fireproof
safe of no less than 350 pounds with a minimum anti-theft test rating of ul 687 and a minimum
fire rating of ul 72 maintaining a theft and fire central monitoring alarm system protecting
the entire premises all certificates will be maintained in a secure location accessible only by
authorized personnel and certificates shall not be left unattended unless stored in a secure location
so you can keep pretending the shares are yours and you keep you can keep pretending
or taking them off the books of the dtc but you're not because the fast or the
fast program or the fast automated securities transfer program is a contract between dtc
and transfer agents it's a big club and you're not in it and it eliminates the movement
of physical securities by allowing agents to act as custodians for dtc
so if you're eliminating the movement of physical securities
how are you taking it out of their name if it's in digital form you can't
now that was just the eligibility to get into fast on top of that here's more requirements to get
into the drs program obviously you have to be a fast program participant you have to have a dtc
limited account agreement deliver transaction advices directly to investors relating to drs
withdrawal by transfer requests which is not the same as a dwac and provide dtc with a file
containing the transaction advice delivery date
amongst other things i'm going to put you can pause if you want to read the rest
super note 13 on this page in drs instructions to transfer shares are sent by a broker dealer
that is a dtc participant or a buy
or a buy a transfer agent that is a drs limited participant which is a dtc participant
profile provides screen based indemnification against false instructions from the party
submitting the instructions through drs
the indemnity is supported either by a surety bond or an insurance policy when you transfer using
drs all you're doing is taking the securities and putting them in the name of the fast agent
or transfer agent who sends you an advice showing ownership that does not mean they're
out of the dtc how could they be if the fast agent works and is under contract with the dtc
but there is a possible way to get your shares out and to do that you do a dewac
now what's really uh concerning is that this right here is the comment letter that dr
suzanne trimbrath sent to the commission
in response to dtc 2006-16 which was amending fast and drs to basically give them more control
and by eliminating the physical securities which in her own words
in her own words if you pause and read this
will extend its 30-year pattern of anti-competitive behavior
and must not be permitted by the commission well guess what that rule was approved as amended
and guess what the amendments were the allowal to draw down from the fast balance certificate
balance eliminating any possibility that this will ever be quote unquote out of the dtc's control
excuse me
so dwack what's a dwack a dwack is a
deposit withdrawal at custodian shareholders can withdraw their stock from their brokerage
accounts and request a physical stock certificate by either having the broker initiate the request
through dtc or by having their broker
send the shares electronically directly to the transfer agent through the dwac system
to withdraw a physical stock certificate from your street name brokerage account via dwac please do
the following notify your broker get the form and pay the fee if you want to deposit a dewac you can
deposit your stock into a brokerage account by either sending their physical stock certificate
or by having the transfer agent send the shares directly to the broker through the d-wac system
it's like a book if you have an e-book how many how many people could own that same e-book and
you not know it you don't know there's no way to tell because it's all electronic format
you can copy it as many times as you want now if it's a physical certificate and you have it
in your hand there's only a certain amount printed that's how you only can prove ownership of shares
that is how you can only say hey i have this share and i know it's not being lent because
i have it in my hand that's the only way you're going to be able to tell period
despite your feelings that that is how this works fast agents serve two purposes dwac and drs
the difference one is digital one is not drs is not dtc wants this they are begging for this
so the misconception here is if you want to use gamestop's direct stock purchase plan which is
not drs go through that all you're doing by going through drs is obfuscating everything the only way
to remove shares from the dtcc is by requesting a dwac the only way to withdraw from street name
in physical form if it's still electronic form in the dtc ecosystem how is it out of the dtc
if you think just because you have a piece of paper called an
advice with your name on it with the amount of shares you put in
because drs that's not saying anything because you haven't read the literature
telling you how they fuck you out of out of that it's called a fast balanced certificate man and
they draw down from it as approved in 2009. you can't argue with this this is all available online
and by the way the dwack is what exactly what cmkx diamond did so those saying the
cmkx diamond was drs and it wasn't they created drs to prevent that from ever happening again
so you're literally playing into the hand of the enemy you're listening to these redditors with no
idea what they're talking about and these are the risks that they put you all under now not
me because i didn't do this because i looked into it first but every anyone that did this
you do have some risk to be concerned about so the the direct registration now that we know how
it works and that they must be a participant with dtc what arm of computer share is the participant
well computer share trust company okay so what about that well they're the ones that just got
assigned a bad credit rating or a worse credit writing first time rating of bbb
so i mean you just got to use your head people computer trust companies wells fargo
they just acquired uh computer just acquired wells fargo trust earlier this year so
in essence by the way this cannot be argued korean because i know you will not come off
of reddit the place you have silenced me to basically demolish your arguments i get it
but you can't argue with this as i read from up-to-date documents so your feelings can
remain where they are at this point this is the i swear to god this is the last video i'm ever
going to make on this this is everything you need in one video to demolish anything that
reddit is pushing on this drs was designed to eliminate physical certificates thereby giving
them a monopoly on securities ownership as noted by dr trimbrath in the comment letter we just saw
the ruling was approved despite her efforts creating the dtc drs which is
highly regulated and looks to eliminate physical securities which they've basically already done
the only way to get your shares out of the dtc's books and into your name is by holding a
certificate of medallion share in your hand not in digital format or it can be manipulated by the dtc
which is no longer available as per computer share as stated the fast agent or limited participant
account with the dtc is none other than computer share trust which is wells fargo which just got
a credit rating hit and if it defaults you'll lose 100 of your investments and the dtc gets
to claim insurance as discussed earlier so use your head why am i doing this because a lot of
people are going to get burned on this if they're not careful this is obviously a trap being set
changed my mind somebody changed my mind somebody proved all of these documents wrong that shit's on
everything that's being pushed this is the real question that should be
asked what are you doing creand in reddit how could you be so wrong about something
like seriously what are you doing that's the question that needs to be answered
because i've answered enough questions and i'm done talking about this
this is the reality accept it or not moving forward take it easy