[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR356.11]

[Page 357-358]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 356--SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 1-93)--Table of Contents
 
             Subpart B--Bidding, Certifications, and Payment
 
Sec. 356.11  Submission of bids.

    (a) General. (1) Bids may be submitted directly to a Federal Reserve 
Bank that is authorized to accept tenders or to the Bureau of the Public 
Debt, Washington, DC, or through a depository institution or dealer that 
is authorized, pursuant to Sec. 356.14, to submit bids on behalf of 
customers. Except as otherwise provided, tenders must be submitted in an 
approved format, including the use of preassigned identification 
numbers, where applicable. Competitive and noncompetitive bids must be 
received prior to the respective closing times specified in the offering 
announcement, except as provided in paragraph (b)(2) of this section. 
Bids not received timely will not be recognized in the auction. Bids for 
securities are binding on the bidder after the closing time specified in 
the offering announcement.
    (2) If the awarded securities are to be issued in TRADES, a 
submitter must have on file at a Federal Reserve Bank a certificate 
listing those persons who are authorized to submit tenders on its 
behalf. The certificate must be duly executed by an authorized person on 
behalf of the submitter. A tender will not be recognized if the person 
submitting the tender is not listed on the certificate. The submitter is 
responsible for any tenders submitted for the submitter by persons who 
are designated on the certificate as authorized to submit tenders on its 
behalf.
    (b) Submission of paper tenders. (1) Paper tenders should be on 
preprinted forms provided by the Federal Reserve

[[Page 358]]

Bank to which the tender is submitted or preprinted forms of the Bureau 
of the Public Debt, and should provide the information requested on the 
form. Paper tenders in any other form or incomplete tenders may be 
accepted or rejected at the option of the Department.
    (2) For competitive bids, if securities are to be delivered to more 
than one account, a separate paper tender must be submitted for each 
delivery instruction specified.
    (3) The submitter is responsible for ensuring that the paper tender 
is received timely at the Federal Reserve Bank or the Bureau of the 
Public Debt, Washington, DC. A noncompetitive bid is considered timely 
if received prior to the deadline for the receipt of noncompetitive 
tenders. Further, a noncompetitive bid received after the deadline for 
the receipt of noncompetitive tenders is considered timely only if it 
was submitted by mail and only if the envelope containing the tender 
bears a U.S. Postal Service cancellation date prior to the auction date 
and the tender is received on or before the issue date.
    (4) Neither the Federal Reserve Bank nor the Department shall be, in 
any way, responsible for any unauthorized paper tender submissions or 
for any delays, errors, or omissions in the submission of paper tenders.
    (c) Submission of tenders by computer. Competitive and 
noncompetitive tenders may be submitted by computer transmission to a 
Federal Reserve Bank. Tenders may be submitted by computer only by those 
submitters that have previously arranged with a Federal Reserve Bank for 
such submission.
    (1) For computer tenders, the submitter must comply with computer 
communications and electronic access standards and requirements for 
Treasury auctions. Incomplete tenders or transmissions that do not 
comply with such standards and requirements may be accepted or rejected 
at the option of the Department.
    (2) All tenders submitted by computer are binding on the submitter 
to the same extent as if they had been paper tenders. No paper tender 
should be submitted that duplicates a tender submitted by computer.
    (3) Tenders submitted by computer must be received by the applicable 
closing time; the Federal Reserve Bank's computer time stamp will 
establish the time of receipt.
    (4) The submitter bears sole risk for any disruption or failure in 
the operation of its own computer, any electronic-based communications 
facilities, or any communications lines between the submitter and the 
Federal Reserve Bank.
    (5) The submitter is responsible for tenders submitted using 
computer equipment on its premises, whether or not such tenders are 
authorized.
    (6) Neither the Federal Reserve Bank nor the Department shall be, in 
any way, responsible for any delays, errors, or omissions in the 
submission of tenders.

[58 FR 414, Jan. 5, 1993, as amended at 59 FR 28774, June 3, 1994; 61 FR 
37010, July 16, 1996; 61 FR 43637, Aug. 23, 1996]