On July 12th, the SEC provided notice of The Depository Trust Company's proposal to amend its Redemption Service Guide to state that DTC will not process early redemptions or calls on Certificates of Deposits ("CDs") unless (i) there is an explicit provision in the master certificate that permits early termination by the issuer and specifies the payment to be made in connection therewith or (ii) written consent to an early redemption in a form designed by DTC is obtained by the issuer from all of the holders of the CD. Furthermore, in the event that an issuer sends such payment to DTC in contravention of the proposed rule, DTC will return the payment to the issuer, less any costs associated with facilitating the attempted redemption and return of funds. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of July 18. SEC Release No. 34-64864.