[Federal Register Volume 62, Number 70 (Friday, April 11, 1997)]
[Rules and Regulations]
[Page 18004]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9332]
[[Page 18003]]
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Part VII
Department of the Treasury
_______________________________________________________________________
Fiscal Service
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31 CFR Part 357
Regulations Governing Book-Entry Treasury Bonds, Notes and Bills; Final
Rule
Federal Register / Vol. 62, No. 70 / Friday, April 11, 1997 / Rules
and Regulations
[[Page 18004]]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 357
Regulations Governing Book-Entry Treasury Bonds, Notes and Bills
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: This final rule amends 31 CFR part 357, the general
regulations governing book-entry Treasury securities, to provide a new
schedule for the provision of a statement of account and to provide for
the provision of a confirmation notice to the TREASURY DIRECT investor.
This rule also provides that the statement of account and confirmation
notice may be sent by electronic means. The change will benefit the
TREASURY DIRECT investor by ensuring that each investor will receive a
statement of account at least yearly. The confirmation notice will also
benefit the investor by providing notification of a change in an
account master record, notification upon the scheduling or canceling of
a reinvestment and by confirming the interest that an investor has
earned on an inflation indexed security.
DATES: Effective on March 10, 1997.
FOR FURTHER INFORMATION CONTACT: Maureen Parker, Director, Division of
Securities Systems, Bureau of the Public Debt (304) 480-7761; Susan
Klimas, Attorney-Adviser, Office of the Chief Counsel, Bureau of the
Public Debt (304) 480-5192.
SUPPLEMENTARY INFORMATION: A revised timetable has been created to
provide the TREASURY DIRECT investor a statement of account, which
contains detailed information about the investor's TREASURY DIRECT
account. Such statement will be sent upon the establishment of an
account master record, upon a change in the securities portfolio, at an
owner's request, or if it is determined on December 31 that an owner
has not received a statement of account for that current calendar year.
In addition to the revised timetable for the statement of account, this
amendment provides that the investor will be sent a confirmation notice
upon a change in an account master record, the scheduling or
cancellation of a reinvestment, or to confirm the interest earned on a
Treasury Inflation Indexed Security. In addition, this amendment will
permit such statement and notice to be sent by electronic means.
Procedural Requirements
It has been determined that this final rule does not meet the
criteria for a ``significant regulatory action,'' as defined in
Executive Order 12866. Therefore, the regulatory review procedures
contained therein do not apply.
This final rule relates to matters of public contract and
procedures for U.S. securities. Accordingly, pursuant to 5 U.S.C.
553(a)(2), the notice, public comment and delayed effective date
provisions of the Administrative Procedure Act do not apply. As no
notice of proposed rulemaking is required, the provisions of the
Regulatory Flexibility Act (5 U.S.C. 601, et seq.) do not apply.
There are no new collections of information contained in this final
rule. Therefore, the Paperwork Reduction Act (44 U.S.C. 3504(h)) does
not apply.
List of Subjects in 31 CFR Part 357
Banks, Banking, Bonds, Federal Reserve System, Government
securities.
Dated: April 4, 1997.
Gerald Murphy,
Fiscal Assistant Secretary.
For the reasons set out in the preamble, 31 CFR Part 357 is amended
as follows:
PART 357--GENERAL REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS,
NOTES AND BILLS
1. The authority citation for Part 357 continues to read as
follows:
Authority: 31 U.S.C. Chapter 31, 5 U.S.C. 301 and 12 U.S.C. 391.
2. Section 357.20 is amended to revise paragraph (e), to
redesignate paragraph (f) as paragraph (g), and to add a new paragraph
(f) to read as follows:
Sec. 357.20 Securities account in TREASURY DIRECT.
* * * * *
(e) Statement of account. The Department shall send a statement of
account (statement):
(1) Upon the establishment of an account master record;
(2) Upon a change in the securities portfolio;
(3) At an owner's request; or
(4) Upon the determination on December 31 that an owner has not
received a statement of account for that current calendar year.
* * * The statement may be sent to the correspondence address
designated in the account master record, or may be sent by electronic
means.
* * * * *
(f) Confirmation notice. The Department shall send a confirmation
notice (notice):
(1) Upon a change in an account master record;
(2) Upon scheduling or canceling a reinvestment; or
(3) To confirm the interest earned on a Treasury Inflation Indexed
Security. The notice shall contain information regarding the account as
of the date of such confirmation. The notice may be sent to the
correspondence address designated in the account master record, or may
be sent by electronic means. All changes reflected in paragraph (f) (1)
and (2) of this section will be included in the next regularly
scheduled statement of account. See paragraph (e) of this section for
the statement schedule.
[FR Doc. 97-9332 Filed 4-10-97; 8:45 am]
BILLING CODE 4810-39-P