Securities FAQs

Q: What is the Direct Registration System?

The Direct Registration System, or DRS, is a system that enables an investor to electronically move his or her security position held in direct registration book-entry form back and forth between the issuer and the investor's broker-dealer.

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Q: After I make my decision on how I want to hold my security, what do I do?

You should check with the issuer or your broker-dealer to find out if the issuer offers direct registration. If you are purchasing a security, tell your broker-dealer you want to hold your securities in direct registration. If you currently hold a certificate, you can mail or take your certificate either to the issuer or to your broker-dealer with instructions to change to direct registration.

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Q: What do I have to do to sell my security?

To sell a security held in direct registration, you can: instruct the issuer to sell your security (many issuers have programs in place to accommodate sale requests); or instruct your broker-dealer or the issuer to electronically move your security to your broker-dealer for your broker-dealer to sell; or request a physical certificate and deliver it to your broker-dealer to sell. To sell a security held in street name registration, you can: instruct your broker-dealer to sell your security; or request a physical certificate and deliver it to another broker-dealer to sell; or instruct your broker-dealer or the issuer to electronically move your security to the issuer for the issuer to sell (many issuers have programs in place to accommodate sale requests) or to electronically move to another broker-dealer to sell. To sell a security for which you hold a physical certificate, you can: deliver the certificate to your broker-dealer with your instructions to sell or deliver the certificate to the issuer with your instructions (a) to change the registration to DRS and move the position to your broker-dealer to sell if your security is eligible for direct registration or (b) for the issuer to sell if the issuer has a program in place to accommodate sale requests.

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