Source: https://www.law.cornell.edu/cfr/text/31/356.15
Timestamp: 2017-04-23 08:06:32
Document Index: 169764109

Matched Legal Cases: ['art 356', '§ 356', '§ 356', '§ 356', '§ 356', '§ 356', '§ 356', '§ 3102', '§ 3103', '§ 3104', '§ 3105', '§ 3106', '§ 3107', '§ 3108', '§ 3109', '§ 3110', '§ 3111', '§ 3112', '§ 3113', 'art 356', 'art 356', 'art 356', 'art 356', 'art 356', 'art 356', 'art 356']

31 CFR 356.15 - What rules apply to bids submitted by investment advisers? | US Law | LII / Legal Information Institute
CFR › Title 31 › Subtitle B › Chapter II › Subchapter A › Part 356 › Subpart B › Section 356.15 31 CFR 356.15 - What rules apply to bids submitted by investment advisers?
§ 356.15 What rules apply to bids submitted by investment advisers?
(a)General. The auction rules that apply to investment advisers are determined by the relationship between “investment advisers” and “controlled accounts.” An investment adviser means any person or entity that has investment discretion for the bids or positions of a different person or entity (a controlled account). A person or entity has investment discretion if it determines what, how many, and when securities will be purchased or sold on behalf of another person or entity. We consider a person that is employed or supervised by an investment adviser to be part of that investment adviser. We also consider the bids or positions of controlled accounts to be separate from the bids or positions of the person or entity with which they would otherwise be associated under the bidder categories in appendix A of this part.
(b)Bidding options.
(1) An investment adviser has two options for whose name to use when bidding on behalf of controlled accounts.
An investment adviser may bid for a controlled account . . .
In such cases, we consider the bidder to be . . .
(i) in the investment adviser's own name
the investment adviser.
(ii) in the name of the controlled account
the controlled account.
(2) Using the first option (paragraph (b)(1)(i)), an investment advisor could bid noncompetitively up to the noncompetitive bidding limit only for itself, as a single bidder. Using the second option (paragraph (b)(1)(ii)), an investment adviser could bid noncompetitively for each separately named controlled account up to the noncompetitive bidding limit. The investment adviser could also bid noncompetitively in its own name in the same auction up to the noncompetitive bidding limit. An investment adviser may not bid for a controlled account both noncompetitively and competitively in the same auction. If an investment adviser is bidding competitively in the name of a controlled account, the controlled account is subject to the award limitations of § 356.22(b).
(c)Reporting net long positions. If it is bidding competitively, an investment adviser must calculate the amount of its bids and positions for purposes of the net long position reporting requirement found in § 356.13(a). In addition to its own competitive bids and positions, the investment adviser must also include in the calculation all other competitive bids and positions that it controls. If the net long position is reportable, the investment adviser must report it as a total in connection with only one bid as stated in § 356.13(a). This requirement applies regardless of whether the investment adviser bids in its own name or in the name of its controlled accounts. The following table shows which positions an investment adviser must include to determine whether it meets the net long position reporting threshold in § 356.13(a). If an investment adviser does meet the reporting threshold, the table also shows which positions must be included in, and which may be excluded from, the net long position calculation.
If an investment adviser is bidding competitively, and . . .
(1) the investment adviser has a net long position for its own account
that position must be included in the investment adviser's net long position calculation.
(2) the investment adviser's competitive bid is for a controlled account
any net long position of that account must be included in the investment adviser's net long position calculation.
(3) the investment adviser is not bidding competitively for a controlled account and . . .
(i) the controlled account has a net long position of $100 million or more
(ii) the controlled account has a net long position that is less than $100 million
that position may be excluded from the investment adviser's net long position calculation.
(iii) any net long position is excluded under paragraph (b)(3)(ii) of this table
all net short positions of controlled accounts under $100 million must also be excluded.
(d)Certifications. When an investment adviser bids for a controlled account, we deem the investment adviser to have certified that it is complying with this part and the auction announcement for the security. Further, we deem the investment adviser to have certified that the information it provided about bids for controlled accounts is accurate and complete.
(e)Proration of awards. Investment advisers that submit competitive bids in the names of controlled accounts are responsible for prorating any awards at the highest accepted yield, discount rate, or discount margin using the same percentage that we announce.See § 356.21 for examples of how to prorate.
[ 69 FR 45202, July 28, 2004, as amended at 78 FR 46429, July 31, 2013]
U.S. Code: Title 31 - MONEY AND FINANCE§ 3102 - Bonds§ 3103 - Notes§ 3104 - Certificates of indebtedness and Treasury bills§ 3105 - Savings bonds and savings certificates§ 3106 - Retirement and savings bonds§ 3107 - Increasing interest rates and investment yields on retirement bonds§ 3108 - Prohibition against circulation privilege§ 3109 - Tax and loss bonds§ 3110 - Sale of obligations of governments of foreign countries§ 3111 - New issue used to buy, redeem, or refund outstanding obligations§ 3112 - Sinking fund for retiring and cancelling bonds and notes§ 3113 - Accepting gifts
Title 31 published on 18-Mar-2017 03:27The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 356 after this date.2016-07-01; vol. 81 # 127 - Friday, July 1, 201681 FR 43069 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds
typeregulations.gov FR Doc.2016-15248 RIN DEPARTMENT OF THE TREASURY, Fiscal Service Final rule. Effective July 1, 2016. 31 CFR Part 356 SummaryThe Department of the Treasury is making non-substantive technical corrections to its marketable securities auction rules.
2013-09-26; vol. 78 # 187 - Thursday, September 26, 201378 FR 59228 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; Corrections
typeregulations.gov FR Doc.2013-23428 RIN Docket No.Fiscal-BPD-2013-0001 DEPARTMENT OF THE TREASURY, Fiscal Service Correcting amendments. Effective September 26, 2013. 31 CFR Part 356 SummaryThe Department of the Treasury published a document in the Federal Register on July 31, 2013 (78 FR 46426), revising the Uniform Offering Circular to accommodate the public offering of floating rate notes. This document corrects the final regulations by revising an error in some equations and by restating a variable.
2013-08-27; vol. 78 # 166 - Tuesday, August 27, 201378 FR - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds
typeregulations.gov FR Doc.C2-2013-18178 RIN Docket No.Fiscal-BPD-2013-0001 DEPARTMENT OF THE TREASURY, Fiscal Service 31 CFR Part 356 Summary
2013-08-19; vol. 78 # 160 - Monday, August 19, 201378 FR - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds
typeregulations.gov FR Doc.C1-2013-18178 RIN Docket No.Fiscal-BPD-2013-0001 DEPARTMENT OF THE TREASURY, Fiscal Service 31 CFR Part 356 Summary
2013-07-31; vol. 78 # 147 - Wednesday, July 31, 201378 FR 46426 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds
typeregulations.gov FR Doc.2013-18178 RIN Docket No.Fiscal-BPD-2013-0001 DEPARTMENT OF THE TREASURY, Fiscal Service Final rule. Effective July 31, 2013. 31 CFR Part 356 SummaryThis final rule amends Treasury&apos;s marketable securities auction rules to accommodate the public offering of a new type of marketable security with a floating rate interest payment. In addition, the amendment makes certain technical clarifications and conforming changes.
2012-12-05; vol. 77 # 234 - Wednesday, December 5, 201277 FR 72278 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds
typeregulations.gov FR Doc.2012-29307 RIN Docket No.BPD-2012-0002 DEPARTMENT OF THE TREASURY, Fiscal Service Advance Notice of Proposed Rulemaking. Submit comments on or before January 22, 2013. 31 CFR Part 356 SummaryThe Department of the Treasury (“Treasury”) intends to issue a new type of marketable security with a floating rate interest payment. We are issuing this Advance Notice of Proposed Rulemaking to solicit comments on the design details, terms and conditions, and other features of this new type of security. We also invite other comments relevant to the issuance of this new security.
31 CFR 356.22 — Does the Treasury Have Any Limitations on Auction Awards?
31 CFR 356.2 — What Definitions Do I Need to Know to Understand This Part?