Self-Regulatory Organizations Rule Alert! DTC and NSCC Orders Approving the Proposed Rule Change Relating to Confidential Information, Market Disruption Events, and Other Changes
Pursuant to the Proposed Rule Change, DTC is proposing three main changes to its Rules, Bylaws, and Organization Certificate(“Rules”):6 (1) standardizing the confidentiality requirement applicable to DTC with respect to its participants’ information and adding confidentiality requirement applicable to participants with respect to DTC’s information, (2) updating its Market Disruption and Force Majeure Rule (“Force Majeure Rule”) to authorize two additional officers to determine that a Market Disruption Event has occurred, and (3) adding a new rule setting forth the procedures under which DTC would be able to disconnect a participant from its network in certain circumstances (“Systems Disconnect Rule”).
NSCC is pretty much the same:
Investopedia: Force majeure refers to a clause that is included in contracts to remove liability for natural and unavoidable catastrophes that interrupt the expected course of events and prevent participants from fulfilling obligations
