[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: 31CFR356.22]

[Page 365]
 
                  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 C--Determination of Auction Awards; Settlement
 
Sec. 356.22  Limitation on auction awards.

    (a) Awards to noncompetitive bidders. The maximum award that will be 
made to any bidder is $1 million for bills and $5 million for notes and 
bonds. This does not apply to bidders bidding solely through TREASURY 
DIRECT reinvestment requests.
    (b) Awards to competitive bidders. The maximum award that will be 
made to any bidder is 35% of the public offering less the bidder's net 
long position as reportable under Sec. 356.13. For example, in a note 
auction with a $10 billion public offering, a bidder with a reported net 
long position of $1 billion could receive a maximum auction award of 
$2.5 billion. When the bids and net long positions of more than one 
person or entity must be combined as required by Sec. 356.15(c), such 
combined amount will be used for the purpose of this award limitation.

[58 FR 414, Jan. 5, 1993, as amended at 61 FR 37011, July 16, 1996]