This rule should pass as written. How does this change effect transfer agents and direct registration of shares? These questions should be answered before making moves that impact ownership. I like that there will be a better accounting and tracking system in place, however, I do not believe this rule was presented with enough time for retail investors to read, learn, and engage with such a dynamic change in the marketplace that impacts the investor's on such a direct level of ownership or the opportunity of ownership. For these reasons, we do not support the passing of this rule. The DTC continues to push for rules to be passed without having engagement from the public. The ruling for the obligation warehouse was similar.