Direct Registration System
On August 8, 2006, the SEC approved a rule changed by NASDAQ, NYSE and AMEX requiring all listed securities (except certain debt securities) to be eligible for a direct registration system ("DRS") as of March 31, 2008. DRS is an entirely electronic book-entry style system that does not involve physical stock certificates. The rule change does not eliminate physical certificates, but requires issuers to be eligible for entirely electronic recording of securities ownership.
Read more about this topic: Book Entry
Famous quotes containing the words direct and/or system:
“No direct hit to smash the shatter-proof
And lodge at last the quivering needle
Clean in the eye of one who stands transfixed
In fascination of her brightness.”
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—Frank Pittman (20th century)