[Federal Register Volume 63, Number 126 (Wednesday, July 1, 1998)]
[Rules and Regulations]
[Pages 35807-35808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17474]


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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 357

[Department of the Treasury Circular, Public Debt Series, No. 2-86]


Regulations Governing Book-Entry Treasury Bonds, Notes, and 
Bills; Determination Regarding State Statutes; Georgia, Florida and 
Connecticut

AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION: Determination of substantially identical state statutes.

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SUMMARY: The Department of the Treasury is announcing that it has 
reviewed the statutes of Georgia, Florida and Connecticut which have 
recently enacted laws adopting Revised Article 8 of the Uniform 
Commercial Code--Investment Securities (``Revised Article 8'') and 
determined that they are substantially identical to the uniform version 
of Revised Article 8 for purposes of interpreting the rules in 31 CFR 
Part 357, Subpart B (the ``TRADES'' regulations). Therefore, that 
portion of the TRADES rule requiring application of Revised Article 8 
if a state has not adopted Revised Article 8 will no longer be 
applicable for those 3 states.

EFFECTIVE DATE: July 1, 1998.

FOR FURTHER INFORMATION CONTACT: Sandy Dyson, Attorney-Advisor (202) 
219-3320, or Cynthia E. Reese, Deputy Chief Counsel (202) 219-3320.

ADDRESSES: Copies of this notice are available for downloading from the 
Bureau of the Public Debt home page at: <a href="http://
www.publicdebt.treas.gov">http://
www.publicdebt.treas.gov</a>.

SUPPLEMENTARY INFORMATION: On August 23, 1996, The Department published 
a final rule to govern securities held in the commercial book-entry 
system, now referred to as the Treasury/Reserve Automated Debt Entry 
System (``TRADES''), 61 FR 43626.
    In the commentary to the final regulations, Treasury stated that 
for the 28 states that had by then adopted Revised Article 8, the 
versions enacted were ``substantially identical'' to the uniform 
version for purposes of the rule. Therefore, for those states, that 
portion of the TRADES rule requiring application of Revised Article 8 
was not invoked. Treasury also indicated in the commentary that as 
additional states adopt Revised Article 8, notice would be provided in 
the Federal Register as to whether the enactments are substantially 
identical to the uniform version so that the federal application of 
Revised Article 8 would no longer be in effect for those states. 
Treasury adopted this approach in an attempt to provide certainty in 
application of the rule in response to public comments. Notices have 
subsequently been published setting forth Treasury's determination 
concerning 16 additional states' enactment of Revised Article. See (62 
FR 26, January 2, 1997, 62 FR 34010, June 18, 1997, 62 FR 61912, 
November 20, 1997 and 63 FR 20099, April 23, 1998). Including the three 
states addressed herein this brings the number of states that have 
enacted Revised Article 8 and have been the subject of such a notice to 
47. Treasury understands that several more states will soon enact 
versions of Revised Article 8. Treasury will review those enactments as 
soon as they are available and will issue notices of determination with 
respect to them.
    This notice addresses the recent adoption of Article 8 by Georgia, 
Florida and Connecticut.

[[Page 35808]]

    Treasury has reviewed the three state enactments and has concluded 
all of them are substantially identical to the uniform version of 
Revised Article 8. We note that in 1997 Connecticut adopted a version 
of Revised Article 8 upon which Treasury did not issue a determination 
(see 62 FR 61913, November 20, 1997).
     That law was repealed and replaced with the 1998 Connecticut 
adoption of Revised Article 8, to which this notice applies.
    Accordingly, if either Sec. 357.10(b) or Sec. 357.11(b) directs a 
person to Georgia, Florida and Connecticut, the provisions of 
Secs. 357.10(c) and 357.11(d) of the TRADES rule are not applicable.

    Dated: June 25, 1998.
Van Zeck,
Commissioner of the Public Debt.
[FR Doc. 98-17474 Filed 6-26-98; 5:03 pm]
BILLING CODE 4810-39-P