DTC may at times place temporary or permanent restrictions on certain transactions, such as deposits or withdrawals of certificates. Such a restriction is known as a chill. For example, DTC may impose a temporary chill that restricts book-entry movement of securities, effectively closing the books and stabilizing existing positions until a merger or other reorganization has been completed.

Chills are also placed when, among other things, regulators take certain actions, or when there are questions about an issuer’s compliance with applicable law.

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