[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: 31CFR356.34]

[Page 368]
 
                  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 D--Miscellaneous Provisions
 
Sec. 356.34  Remedies.

    (a) General. When a person or an entity fails to comply with the 
requirements of this part, the Secretary will consider the circumstances 
of such failure and determine an appropriate remedy. Such remedy may 
include prohibiting the person or entity from participating in future 
auctions for its own account, for the account of others, or both. The 
Secretary may refer such occurrences to the appropriate regulatory 
agency for enforcement action.
    (b) Liquidated damages. A bidder agrees to pay liquidated damages of 
1% of the par amount of securities awarded the bidder in an auction if 
the bidder fails to pay for the awarded securities in a timely manner. 
The Secretary may waive, in whole or in part, the payment of liquidated 
damages. This liquidated damages provision shall not preclude the use of 
any other available remedy.