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Depository Trust Corporation meaning
What does Depository Trust Corporation mean?
In practice, this term refers to the Depository Trust Company (DTC), the US central securities depository operated by the Depository Trust & Clearing Corporation (DTCC). It is not defined in UK or Irish legislation or case law; it is an industry description used across capital markets documentation.
DTC provides book-entry clearing and settlement for US dollar securities. For European and UK/Irish debt offerings, it commonly services the USD tranche—especially a Rule 144A tranche—while the Regulation S tranche settles through Euroclear or Clearstream. Securities eligible for DTC are typically registered in the name of its nominee, Cede & Co., with investors holding beneficial interests through DTC participants. Transfers and payments occur through DTC’s procedures.
This has practical implications for drafting and execution: form of global notes, settlement mechanics, legends and selling restrictions, CUSIP allocation, paying and transfer agent appointments, and closing logistics. The terminology and usage are broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, where practitioners will often refer to DTC alongside Euroclear and Clearstream when structuring USD-denominated bond issues and related trust or fiscal agency documentation.
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View the related Practice Notes about Depository Trust Corporation
PRACTICE NOTES
Comprehensive glossary of UK restructuring and insolvency terms, covering Companies Act schemes, Part 26A plans, IA 1986 processes, and cross‑border concepts including COMI, UNCITRAL and assimilated EU rules.
This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...
21 May
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View the related Q&As about Depository Trust Corporation
Q&As
AEOI registration under 2025 ITC Amendments: specified non‑reporting trusts—trust corporations, trustee‑documented, and lay‑trustee private company shares
Amendments to the International Tax Compliance Regulations 2015 (2015 regs), SI 2015/878, introduced by the International Tax Compliance (Amendment) Regulations 2025, SI 2025/740, have brought in a compulsory Automatic Exchange of Information (AEOI) registration obligation for certain trusts treated as ‘specified non-reporting financial institutions’. Under the 2015 regs, SI 2015/878, reg 24(1), a specified non-reporting financial institution is ‘a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement’. Set out below is a concise overview of the components of that definition. Financial institution (IEIM400610) The FATCA and CRS frameworks recognise four common categories of Financial Institution: custodial institution depository institution investment entity specified insurance company Where a private trust satisfies any Financial Institution definition, it will most commonly be treated as an Investment Entity...
27 May
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