31 CFR 317.3 - Procedure for qualifying and serving as issuing agent.
(a)Execution of application agreement. An organization seeking issuing agent qualification generally shall obtain from and file with a designated Federal Reserve Bank an application-agreement form. However, if an organization seeks qualification under § 317.2(c), it shall make application directly to the Bureau of the Fiscal Service for approval by the Commissioner of the Bureau of the Fiscal Service. An application-agreement sent directly to the Bureau of the Fiscal Service shall be supplemented by such other information as the Bureau of the Fiscal Service may request.
(1) The terms of each application agreement shall include the provisions prescribed by section 202 of Executive Order No. 11246, entitled “Equal Employment Opportunity” (3 CFR, subchapter B, 42 U.S.C. 2000e note).
(b)Certificate of qualification. Upon approval of an application-agreement, the designated Federal Reserve Bank or the Bureau of the Fiscal Service will issue a certificate of qualification to the organization. Until the receipt of such a certificate, an organization shall not perform any act as an issuing agent, or advertise in any manner that it is authorized to so act or that it has applied for qualification as an issuing agent. After receipt of a certificate of qualification, an organization may perform the functions of an issuing agent. Under the terms of the application-agreement, the proceeds of the sale of bonds are at all times the property of the United States for which the organization shall be fully accountable.
(c)Adverse action or change in qualification. An organization will be notified by the designated Federal Reserve Bank or the Bureau of the Fiscal Service if its application-agreement to act as issuing agent is not approved, or if, after issuance, its certificate of qualification is terminated.