Government Securities Act Regulations (17 CFR Chapter IV)
Notices
- Proposed Amendment to Custodial Holdings Requirement:
This proposed rule (download PDF format, file size 55KB, uploaded 9/23/04) solicits comments on an amendment to the Government Securities Act (GSA) regulations applicable to depository institutions holding government securities for the account of customers. It would make savings associations regulated and examined by the Office of Thrift Supervision eligible for the conditional GSA regulatory exemption for holdings subject to fiduciary standards. Comments on this rule proposal are due by October 25, 2004. - Treasury Called for Large Position Reports:
On August 23, 2004, Treasury issued a test call for large position reports from any entity that controlled a position as of the close of business on August 18, 2004 of $2 billion or more in the 4% Treasury Notes of June 2009. The reports were to be received by noon on August 27, 2004 at the Federal Reserve Bank of New York. View Press Release or Federal Register Notice (download PDF format, file size 46KB, uploaded 8/25/04). - Modifications to Customer Protection Requirements:
This final rule amendment (download PDF format, file size 101KB, file uploaded 6/14/04) modifies the Government Securities Act regulations to allow for the expansion of collateral that specialized government securities brokers and dealers may pledge when borrowing fully paid and excess-margin securities from customers' accounts. The accompanying exemptive order (download PDF format, file size 28KB, file uploaded 6/14/04) specifies the types of securities that may be pledged. Treasury did not receive any comment letters in response to the proposed rule (download PDF format, file size 44KB, uploaded 12/11/03) that was published on December 11, 2003. - Modifications to the Large Position Rules:
This final rule amendment (download PDF format, file size 58KB, file uploaded 12/18/02)modifies the Large Position Rules. The effective date of the amendment is January 17, 2003. The modifications: require separate reporting of certain components of the "net trading position", "gross financing position" and the "memorandum 1"; add a new memorandum item that would report the gross par amount of "fails to deliver"; and modify the definition of "gross financing position" to eliminate the optional exclusion. Treasury received one comment letter, from The Bond Market Association on September 16, 2002 (download PDF format, file size 548KB, file uploaded 9/23/02), in response to the proposed rule (download PDF format, file size 53KB, uploaded 7/31/02) that was published on July 31, 2002. An updated list of Large Position Rule questions and answers is currently available. - Final Amendment to the Government Securities Act (GSA) Regulations:
This final rule change (download PDF format, file size 38 KB, file uploaded 5/24/01; TEXT, file size 11.6 KB, file uploaded 5/22/01) makes a technical amendment to the GSA regulations to include qualified Canadian government obligations under the definition of "government securities" as applied to a bank.
Regulations
- Government Securities Act (GSA) Regulations:
Treasury's rules for government securities broker-dealers on financial responsibility, protecting customer securities and funds, recordkeeping, large position reporting, and financial reporting and audits. Also included are rules concerning custodial holdings of government securities by depository institutions. - Year 2000 Readiness Reports:
Treasury's rule (download PDF format, file size 779.2 KB, file uploaded 01/12/99; TEXT format, file size 10.3 KB, file uploaded 01/12/99) requiring specialized government securities broker-dealers to file reports with the Securities and Exchange Commission regarding their year 2000 (Y2K) readiness. The Bond Market Association provided comments in a letter dated November 4, 1998, in response to the proposed rule that was published on October 5, 1998 (download PDF format, file size 947.8 KB, file uploaded 10/08/98; TEXT format, file size 19.9 KB, file uploaded 10/08/98). - Recordkeeping Rules for Banks:
The recordkeeping requirements are clarified for bank government securities broker-dealers in this amendment. Download file in TEXT format (file size 15KB, file uploaded 2/18/97) or PDF format (file size 30KB, file uploaded 2/18/97). - Large Position Reporting Rules:
Treasury issued final Large Position Reporting Rules TEXT (file size-102K, file uploaded 9/13/96) or PDF format (file size 65KB, file uploaded 3/13/01) on September 12, 1996, amending the Government Securities Act regulations that establish recordkeeping and reporting requirements for persons controlling large positions ($2 billion or more) in certain Treasury securities. - Other Public Debt Rules and Regulations, Statutes and
Federal Register Items
Here you will find Public Debt's regulations published since July 1996 and links to other sites for relevant titles of the U.S. Code and Code of Federal Regulations.
Interpretations
In order to make essential government securities regulatory information more broadly available to the public, we are providing some of the most requested interpretations on-line.
| Topic | Date | Regulatory Cite(s) |
|---|---|---|
| Aged Fails Treatment | November 22, 1989 | 402.2(d), 403.4, 403.5 |
| Associated Persons/Dual Employees | August 26, 1992 | 401.3 |
| Business Lags - HIC Repos | July 24, 1989 | 403.5(d) |
| Capital - Money Market Instruments | June 1, 1989 | 402.2(d) |
| Clearing Fund Deposits - Allowable Assets | August 30, 1989 | 402.2(d) |
| Confirmation Requirements | February 26, 1988 | 403.5(d)(ii) |
| Custodial Holdings - Clearing Lien | November 22, 1989 | 402.1(e)(8)(ii)(B)(5), 402.2(g)(1)(i)(B)(5) |
| Customer Securities at a Custodial Bank | May 11, 1989 | 450.4(a)(2) |
| Customer Securities at a Fed Bank | December 18,1987 | 450.4(a)(2)(i)(A) |
| Definition of Financial Institution | April 18, 1990 | 400.3(j) |
| Electronic Confirmations for Banks/Depository Institutions | October 27, 1997 | 403.5(d)(1)(ii) |
| Electronic Confirmations for Broker-Dealers | October 27, 1997 | 403.2, 403.3, 405.2 |
| Fax Confirms | July 2, 1992 | 403.5(d)(1)(ii) |
| Forward Repos for Banks/Financial Institutions | April 19, 1996 | 404, 402.2 |
| Forward Repos for Broker/Dealers | March 4, 1996 | 404, 402.2 |
| Give-Up Receivables | April 4, 1988 | 402.1(e)(5), 402.2(d)(6) |
| GSCC as Counterparty for IDBs | November 22, 1989 | 402.1(e)(2)(i) |
| Inflation-Indexed Securities Regulatory Treatment Inflation-Indexed Fungible TINTS |
January 17, 1997 November 3, 1998 |
400 et seq. |
| Large Position Reporting Qs & As | April 1, 2003 | 420 |
| Repos with Affiliates | October 9, 1990 | 403.3, 403.5 |
| Timing of Allocation | June 21, 1993 | 403.5(d)(1), 404.4(a), 450.4 |
| Tri-party vs. HIC Repos | May 7, 1990 | 403.4(e), 403.5(d) |
| U.S.-Affiliated Foreign Government Securities Broker-Dealers |
April 17, 1997 | 401.9 |
| Written Agreements | August 2, 1990 | 403.1, 403.4(e), 403.5(d) |
Exemptions
In a letter dated August 26, Treasury grants a conditional exemption to GSCC Netting Members (that are government securities broker-dealers subject to Treasury's liquid capital requirements) from certain GSA concentration of credit risk haircut calculation requirements. GSCC's incoming letter (download TEXT, file size 21K, file uploaded 09/12/97) is also here for viewing.
Statutes
Government Securities Act Amendments (GSAA) of 1993:
The GSAA, (download PDF format, file size, 161K, uploaded date, 12/4/03) among other things, permanently reauthorized Treasury's rulemaking authority under the Government Securities Act and included provisions for establishing Treasury's large position reporting and recordkeeping rules.
Forms
Government Securities Act Forms
Forms G-FIN-4, G-FIN-5 and G-405 are available electronically. All three forms (and their instructions) can be downloaded, using the
Adobe Acrobat Reader version 5.0 or higher) but must be printed, signed and mailed to the appropriate regulatory agency. (Select forms are electronically fillable.)
Reports
1998 Joint Study of the Regulatory System for Government Securities: The Treasury Department, Securities and Exchange Commission and Board of Governors of the Federal Reserve System submitted to Congress their Joint Study on the Regulatory System for Government Securities. Download file in PDF format (file size 681.70 KB, file uploaded 06/18/98).
1992 Joint Report on the Government Securities Market: The Treasury Department, Securities and Exchange Commission and Board of Governors of the Federal Reserve System submitted to Congress a report on the government securities market, as well as recommendations for legislation and changes in policies. Download file in PDF format (file size 2.3 MB, file uploaded 07/12/04).
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