[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: 31CFR356.24]

[Page 365-366]
 
                  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. 356.24  Notice of awards; confirmations.

    (a) Notice of awards--(1) Notice to submitters. Notice of awards 
will be provided by a Federal Reserve Bank or the Department to 
submitters of successful competitive bids. Submitters of noncompetitive 
bids will be notified only when the price to be paid by noncompetitive 
bidders is over par or if noncompetitive bids are not accepted in full.
    (2) Notice to clearing corporation. If awarded securities are to be 
delivered pursuant to a delivery and payment agreement, notice of the 
awards also will be provided by a Federal Reserve Bank or the Department 
to the clearing corporation that is a party to such agreement.
    (b) Confirmation of award to customer. A submitter submitting a bid 
for customers is responsible for notifying its customers and 
intermediaries that forwarded bids to it of the awards. Similarly, an 
intermediary is responsible for notifying its customers and any 
intermediaries that forwarded bids to it of the awards.
    (c) Confirmation of award and settlement amount to a depository 
institution having an autocharge agreement with a submitter or a 
clearing corporation. Not later than the day after each auction, the 
appropriate Federal Reserve Bank will notify each depository institution 
that has entered into an autocharge agreement with either a submitter or 
a clearing corporation as to the amount to be charged to the 
institution's funds

[[Page 366]]

account at the Federal Reserve Bank on the issue date.
    (d) Customer confirmation. Any customer awarded a par amount of $500 
million or more in an auction must furnish a confirmation including the 
information in paragraphs (d) (1) and (2) of this section to the Federal 
Reserve Bank to which the bid was submitted, no later than 10:00 a.m. on 
the day following the auction. The confirmation must be signed by the 
customer or authorized representative and must include the capacity in 
which such representative is acting. A submitter or intermediary 
submitting or forwarding a customer bid is responsible for notifying its 
customer of this requirement if the customer is awarded a par amount of 
$500 million or more as a result of bids submitted by the submitter or 
forwarded by the intermediary.
    (1) A written confirmation of its bid, and
    (2) A written statement indicating whether it had a reportable net 
long position as defined in Sec. 356.13, and, if a position had to be 
reported, the amount of any such position and the name of the depository 
institution or dealer through which the customer requested that the 
position be reported.

[58 FR 414, Jan. 5, 1993, as amended at 59 FR 28775, June 3, 1994]