31 CFR 344.8 - What other provisions apply to subscriptions for Demand Deposit securities?
(a)When is my subscription due? The subscriber must fix the issue date of each security in the subscription. You cannot change the issue date to require issuance earlier or later than the issue date originally specified; provided, however, you may change the issue date up to seven days after the original issue date if you establish to the satisfaction of Treasury that such change is required as a result of circumstances that were unforeseen at the time of the subscription and are beyond the issuer's control (for example, a natural disaster). The issue date must be a business day. The issue date cannot be more than sixty days after the date Fiscal Service receives the subscription. If the subscription is for $10 million or less, Fiscal Service must receive the subscription at least five days before the issue date. If the subscription is for more than $10 million, Fiscal Service must receive the subscription at least seven days before the issue date.
(b)How do I start the subscription process? A subscriber starts the subscription process by entering into SLGSafe the following information:
(1) The issue date;
(2) The total principal amount;
(3) The issuer's name and Taxpayer Identification Number;
(4) The title of an official authorized to purchase SLGS securities;
(5) A description of the tax-exempt bond issue; and
(c)Under what circumstances can I cancel a subscription? You cannot cancel a subscription unless you establish, to the satisfaction of Treasury, that the cancellation is required for reasons unrelated to the use of the SLGS program to create a cost-free option.
(d)How do I change a subscription? You can change a subscription on or before 3 p.m., Eastern time, on the issue date. You may change the aggregate principal amount specified in the subscription by no more than ten percent, above or below the amount originally specified in the subscription.
(e)How do I complete the subscription process? The subscription must:
(1) Be dated and submitted electronically by an official authorized to make the purchase;
(2) Include the certifications required by § 344.2(e)(2)(i) (relating to yield); and
(3) Include the information required under paragraph (b) of this section, if not already provided.
Title 31 published on 08-Apr-2017 03:32
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 344 after this date.