§ 358.14What happens when securities are accepted for conversion?
(a) After processing and initial verification, we will transfer the securities accepted to the depository institution's book-entry account, establishing a securities entitlement in TRADES according to 31 CFR part 357 subpart B.
(b) We will do the final verification within twenty (20) business days of initial receipt of the bearer corpora and detached bearer coupons.
(c) If at any time after this twenty (20) day period we determine that the security was improperly credited to the BECCS or CUBES account of the depository institution, such as in the case of a previously undetected, counterfeit security, we reserve the right to adjust the BECCS or CUBES account.
Title 31 published on 2013-07-01
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