Baron Capital Enterprise Inc (BCAP)

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Anyone notice we have DWAC - Fast Agent status?

Only brokers can initiate transactions via the DWAC system. The broker inputs instructions requesting the movement of shares to or from the transfer agent. The transfer agent, on the other hand, can only accept or reject the instructions. Before a transaction is accepted, the Transfer Agent must receive authorizing instructions from the issuer, the shareholder or another authorized party to accept the DWAC transaction and make the necessary credits or debits to a reserve or shareholder’s account to offset the transaction. Once these instructions are received, the Transfer Agent will vigilantly review the DTC DWAC terminal for the requesting transaction that has been entered by the broker/custodial bank. To be accepted, the transaction requested through the DTC DWAC system must perfectly match the instructions received by the Transfer Agent. The share amount and credit party must be exactly the same. If the transaction is accepted, the Transfer Agent then credits or debits the CEDE & CO book on the issuer’s shareholder registrar. In the case of an option exercise, the offsetting transaction is a debit to the reserve. If the DWAC transaction doesn’t match the documentation on file with the agent, it is not accepted and the Transfer Agent will reject the request on the DWAC system, sending a message back to the broker that the DWAC request was not processed. The Transfer Agent also generates a reject message onto the SM@RT option processing system to let the issuer know that the DWAC delivery could not be completed and why it failed.