July 12, 2023 Investor Bulletin: Holding Your Securities on the SEC website: https://www.sec.gov/about/reports-publications/investor-publications/holding-your-securities-get-the-facts

Considerations for holding securities through direct registration include: Purchases made through the issuer (or its transfer agent) of securities you intend to hold in DRS are usually executed under the guidelines of an issuer’s stock purchase plan, which uses a broker-dealer to execute the orders. Thus, to hold in DRS once the securities are acquired, you would need to instruct the transfer agent to move the securities from the issuer plan to DRS.