STATUTES & REGULATIONS

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Auction Regulations (UOC)

Uniform Offering Circular and Amendments (31 CFR Part 356)

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Rules

Amendments

  • Floating Rate Notes:
    On July 31, 2013, Treasury published a Final Rule (PDF format, file uploaded 7/31/13, file size 1.3MB), to accommodate the auction and issuance of floating rate notes.  In addition, the amendment makes certain technical clarifications and conforming changes. Treasury published minor corrections (PDF format, file uploaded 9/26/13, file size 355KB) to the floating rate note final rule.

    Treasury has provided examples of floating rate note calculations. Please note that these examples are for illustrative purposes only.

    Treasury provided a list of Frequently Asked Questions and a Term Sheet (PDF format, uploaded 12/11/13, file size 17KB)that summarizes key provisions and features of these securities.
    • On December 5, 2012, Treasury published an Advance Notice of Proposed Rulemaking (ANPR) (PDF format, file uploaded 12/05/12, file size 369KB) soliciting comments on the potential issuance of Treasury floating rate securities. The ANPR requested comments by January 22, 2013 on the design details, terms and conditions, and any other relevant issues.  View comment letters.
    • On March 19, 2012, Treasury published a Notice and Request for Information (PDF format, file uploaded 03/19/12, file size 179 KB) asking for comments by April 18, 2012 on the potential issuance of Treasury floating rate notes.  View comment letters.
  • Minimum Interest Rate:
    This final rule amendment, (PDF format, file size-51KB, uploaded 3/01/11) effective April 1, 2011, establishes a minimum interest rate of 1/8 of one percent for all new Treasury fixed-principal ("nominal") and inflation-protected note and bond issues.
  • Increase in Customer Confirmation Reporting Threshold:
    This final rule amendment, (PDF format, file size - 55KB, uploaded 9/15/09) effective September 15, 2009, increases the customer confirmation reporting requirement threshold amount from $750 million to $2 billion for all Treasury marketable securities auctions.
  • UOC Update:
    This final rule amendment, (PDF format, file size-62KB, uploaded 6/1/09) makes various changes to the UOC to conform to Treasury's current auction practices. Specifically, we modify the description of Treasury bills, clarify the competitive bid format for Treasury bills and fixed-principal securities, eliminate a provision related to “guaranteed bid" arrangements, update an example of the proration of auction awards, clarify the provision for the notification of auction awards and settlement, and update references to the Bureau of the Fiscal Service's website. The effective date of this amendment is June 1, 2009.
  • Decrease in Minimum and Multiple Amounts Eligible to be Stripped:
    This final rule amendment, (PDF format, file size - 57KB, uploaded 3/20/08) lowers the minimum and multiple par amounts of Treasury marketable notes, bonds, and Treasury inflation-protected securities that may be stripped from $1,000 to $100. The amendment also makes additional minor technical clarifications to the Auction Rules.
  • Certain Marketable Treasury Securities Not Eligible for Legacy Treasury Direct System:
    This final rule amendment, (PDF format, file size - 58KB, uploaded 1/18/07) provides that Treasury may announce that certain marketable Treasury securities to be auctioned will not be eligible for purchase or holding in the Legacy Treasury Direct System. Treasury is issuing this amendment to the auction rules because the Legacy Treasury Direct System will eventually be phased out.
  • Increase in Customer Confirmation Reporting Threshold:
    This final rule amendment, (download PDF format, file size - 54KB, uploaded 12/20/06) effective January 1, 2007, increases the customer confirmation reporting requirement threshold from $500 million to $750 million and clarifies that customer confirmations may now be e-mailed as well as faxed or hand delivered.
  • Marketable Securities in TreasuryDirect and Legacy Treasury Direct:
    This final rule amendment (download PDF format, file size - 77KB, uploaded 9/30/05) revises the UOC to accommodate participation in Treasury marketable securities auctions for securities to be held in either the TreasuryDirect or the Legacy Treasury Direct system. The amendment also eliminates the ability to bid competitively through Legacy Treasury Direct.
  • Bidder Definitions:
    This final rule amendment (file size-59KB, uploaded 5/23/05) modifies the UOC to allow two entities engaged in a certain business relationship, generally known as "merchant banking," to be treated as separate bidders. The effective date of the amendment is July 22, 2005. One comment letter (file size-190KB, uploaded 12/10/04) was received in response to the proposed rule (file size-60KB, uploaded 9/8/04).
  • Six-Decimal Pricing and Other Modifications to the UOC:
    This final rule amendment (download PDF format, file size-103KB, uploaded 9/2/04) revises the UOC to accommodate six-decimal pricing, negative-yield bidding for TIPS auctions, zero-filling of competitive bids not completed to three decimals, and raises the noncompetitive bidding and award limit for all Treasury bill auctions from $1 million to $5 million. The effective date of the amendment is September 20, 2004.
  • Plain Language Uniform Offering Circular (UOC):
    The UOC was converted to plain language (download PDF format, file size-224KB, uploaded 7/28/04, and related correction notice, download PDF format, file size-28KB, uploaded 9/2/04). One comment letter (file size-93KB, file uploaded 3/1/04) was received in response to the proposed plain language rule (download PDF format, file size-330KB, file uploaded 12/23/03).
  • Calculation and Reporting of the Net Long Position:
    This final rule amendment (download PDF format, file size-55KB, file uploaded 11/12/02) modifies the net long positon reporting threshold in marketable Treasury securites auctions and also incorporates certain changes in Treasury's auction program that have already been implemented. The effective date of the amendment is December 12, 2002. Treasury received comment letters in response to the advance notice of proposed rulemaking (download PDF format, file size-35.5KB, file uploaded 4/29/02).
  • Calculation of the Net Long Position:
    This final rule amendment (download PDF format, file size-44KB, file uploaded 11/14/01) modifies the calculation of the net long position in reopenings, which are auctions of additional amounts of previously issued securities. The modification provides an optional exclusion amount in the calculation. Treasury received comment letters in response to the advance notice of proposed rulemaking (download PDF format, file size-43.3KB, file uploaded 7/25/01).
  • Simplify the STRIPS Program:
    This final rule amendment (download PDF format, file size-122KB, file uploaded 11/3/00) makes Treasury fixed-principal securities strippable to the penny; modifies the minimum and multiple amounts that are required to strip Treasury securities by setting them each at $1000; and allows Treasury to designate a note or bond as strippable even if it was not originally designated as such by its offering announcement.
  • Miscellaneous Amendments to the Auction Rules:
    This final rule amendment (download PDF format, file size-53KB, file uploaded 1/25/99) incorporates certain changes in Treasury’s marketable securities auction program. Specifically, we define the term “bid-to-cover ratio;” change the minimum bid amounts for all Treasury securities; expand the uniform/single-price auction format; and make minor, unrelated technical corrections.
  • Fungible Interest Components Stripped from Inflation-Indexed Securities*:
    This rule makes interest components stripped from Treasury Inflation-Indexed Securities fungible (interchangeable) (download TEXT, file size-22.3KB, file uploaded 6/29/98). Treasury received one comment letter, from The Bond Market Association on February 6, 1998 (download TEXT, file size-15.7KB, file uploaded 3/4/98), in response to the proposed rule (download TEXT, file size-33.8KB, file uploaded 12/5/97) that was published on December 8, 1997.
  • Change in Timeframe for Certain Noncompetitive Bidding Restrictions:
    Treasury extended the deadline for certain noncompetitive bidding restrictions to the time of the announcement of the auction results (download TEXT, file size-13KB, file uploaded 1/26/98).
  • Treasury Marketable Inflation-Indexed Securities*:
    The final rule amendments, published on January 6, 1997, (download PDF format, file size-831KB, file uploaded 1/8/97) set out the terms, conditions, and features for marketable inflation-indexed securities. Click here for a summary of key provisions and features of these securities.

Go to Law and Guidance to view other Rules and Regulations concerning the Bureau of the Fiscal Service (formerly Bureau of the Public Debt).

Interpretations

  • Deferred Issuance of Treasury Securities:
    Treasury provided interpretive guidance and clarification in a letter dated June 3, 2013, that stated that it will not defer issuance of securities awarded in an auction beyond the scheduled issue date. However, Treasury has no objection to the arrangement of an alternative settlement through a secondary market transaction with a dealer or depository institution.
  • Fungible Interest Components Stripped from Inflation-Indexed Securities*:
    Treasury provided interpretive guidance and clarification on the regulatory treatment of fungible (i.e., interchangeable) stripped interest components of inflation-indexed securities in a letter dated November 3, 1998. We urge market participants to read this letter in conjunction with the interpretation dated January 17, 1997, which provided initial guidance and clarification on the regulatory treatment of inflation-indexed securities.
  • Investment Advisers:
    Guidance and clarification on several issues pertaining to investment advisers to foster a better understanding of the auction rules and to help ensure that investment advisers submit accurate bids in Treasury securities auctions (download TEXT, file size-16KB, file uploaded 5/12/97).
  • Net Long Position Reporting Requirements:
    Guidance on the net long position reporting requirements in Treasury security auctions (i.e., calculating, reporting and aggregating). (download TEXT, file size-13KB, file uploaded 12/11/97).

*Note: Treasury changed references in the auction rules from “inflation-indexed” securities to “inflation-protected” securities (acronym “TIPS”) when the auction rules were converted to plain language (download PDF format, file size-224KB, uploaded 7/28/04, and related correction notice, download PDF format, file size-28KB, uploaded 9/2/04).

Go To: Government Securities Act Regulations, Interpretations and Exemptions

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