[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR356.11]

[Page 376-377]
 
                  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 
 
             Subpart B_Bidding, Certifications, and Payment
 
Sec. 356.11  How are bids submitted in an auction?

    (a) General. (1) All bids must be submitted using an approved 
method, which depends on whether you are requesting us to issue the 
awarded securities in the commercial book-entry system, in 
TreasuryDirect [reg], or in Legacy Treasury Direct 
[reg] (See Sec. 356.4). The approved submission methods for 
these respective systems are explained in this section. A bidder must 
provide its assigned bidder identification numbers if it has been 
assigned one. We have the option of accepting or rejecting incomplete 
bids.
    (2) We must receive competitive and noncompetitive bids prior to 
their respective closing times, which are stated in the auction 
announcement. We will not include late bids in the auction. For bids 
other than those submitted on paper forms, our computer time stamp will 
establish the receipt time. You are bound by your bids after the closing 
time.
    (3) We are not responsible for any delays, errors, or omissions. We 
are not responsible for any failures or disruptions of equipment or 
communications facilities used for participating in Treasury auctions.
    (4) Submitters are responsible for bids submitted using computer 
equipment on their premises, whether or not such bids are authorized.
    (b) Commercial book-entry system. (1) If you are a submitter and the 
awarded securities are to be issued in the commercial book-entry system, 
you must submit bids using one of our approved electronic methods except 
for contingency situations.
    (2) You must have an agreement on file with us under which you agree 
to our terms and conditions for access to our system for participating 
in our auctions.
    (3) In contingency situations, such as a power outage, we may accept 
bids by a telephone call to designated Treasury employees if you submit 
them prior to the relevant bidding deadline.
    (c) TreasuryDirect. You must submit your bids through your 
established book-entry, online TreasuryDirect account. You may reinvest 
the proceeds of maturing securities held in TreasuryDirect by directing 
that the proceeds be used to purchase a certificate of indebtedness in 
your TreasuryDirect account and by using the proceeds of your 
certificate of indebtedness to pay for the securities.
    (d) Legacy Treasury Direct. (1) If you are a submitter and the 
awarded securities are to be issued in Legacy Treasury Direct, you may 
submit bids by using one of our approved methods, e.g., computer, 
automated telephone service, or paper forms. You may also reinvest the 
proceeds of maturing securities into new securities through the same 
methods.
    (2) If you are submitting bids by paper form, you must use forms 
authorized by the Bureau of the Public Debt and provide the requested 
information. We have the option of accepting or rejecting bids on any 
other form. You are responsible for ensuring that

[[Page 377]]

we receive bids in paper form on time. A noncompetitive bid is on time 
if:
    (i) We receive it on or before the issue date, and
    (ii) The envelope it arrived in bears evidence, such as a U.S. 
Postal Service cancellation, that it was mailed prior to the auction 
date.
    (3) If you are submitting a bid by computer or automated telephone 
service you must be an established Legacy Treasury Direct account holder 
with a Taxpayer Identification Number.
    (4) In contingency situations, such as a power outage, we may accept 
bids by other means, provided, that in all cases the bids are submitted 
prior to the relevant bidding deadline by an established Legacy Treasury 
Direct account holder.

[69 FR 45202, July 28, 2004, as amended at 70 FR 57440, Sept. 30, 2005]