18004 Federal Register / Vol. 62, No. 70 / Friday, April 11, 1997 / Rules and Regulations

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.

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:

§ 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