[Federal Register Volume 63, Number 126 (Wednesday, July 1, 1998)]
[Rules and Regulations]
[Pages 35807-35808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17474]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 357
[Department of the Treasury Circular, Public Debt Series, No. 2-86]
Regulations Governing Book-Entry Treasury Bonds, Notes, and
Bills; Determination Regarding State Statutes; Georgia, Florida and
Connecticut
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Determination of substantially identical state statutes.
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SUMMARY: The Department of the Treasury is announcing that it has
reviewed the statutes of Georgia, Florida and Connecticut which have
recently enacted laws adopting Revised Article 8 of the Uniform
Commercial Code--Investment Securities (``Revised Article 8'') and
determined that they are substantially identical to the uniform version
of Revised Article 8 for purposes of interpreting the rules in 31 CFR
Part 357, Subpart B (the ``TRADES'' regulations). Therefore, that
portion of the TRADES rule requiring application of Revised Article 8
if a state has not adopted Revised Article 8 will no longer be
applicable for those 3 states.
EFFECTIVE DATE: July 1, 1998.
FOR FURTHER INFORMATION CONTACT: Sandy Dyson, Attorney-Advisor (202)
219-3320, or Cynthia E. Reese, Deputy Chief Counsel (202) 219-3320.
ADDRESSES: Copies of this notice are available for downloading from the
Bureau of the Public Debt home page at: http://
www.publicdebt.treas.gov.
SUPPLEMENTARY INFORMATION: On August 23, 1996, The Department published
a final rule to govern securities held in the commercial book-entry
system, now referred to as the Treasury/Reserve Automated Debt Entry
System (``TRADES''), 61 FR 43626.
In the commentary to the final regulations, Treasury stated that
for the 28 states that had by then adopted Revised Article 8, the
versions enacted were ``substantially identical'' to the uniform
version for purposes of the rule. Therefore, for those states, that
portion of the TRADES rule requiring application of Revised Article 8
was not invoked. Treasury also indicated in the commentary that as
additional states adopt Revised Article 8, notice would be provided in
the Federal Register as to whether the enactments are substantially
identical to the uniform version so that the federal application of
Revised Article 8 would no longer be in effect for those states.
Treasury adopted this approach in an attempt to provide certainty in
application of the rule in response to public comments. Notices have
subsequently been published setting forth Treasury's determination
concerning 16 additional states' enactment of Revised Article. See (62
FR 26, January 2, 1997, 62 FR 34010, June 18, 1997, 62 FR 61912,
November 20, 1997 and 63 FR 20099, April 23, 1998). Including the three
states addressed herein this brings the number of states that have
enacted Revised Article 8 and have been the subject of such a notice to
47. Treasury understands that several more states will soon enact
versions of Revised Article 8. Treasury will review those enactments as
soon as they are available and will issue notices of determination with
respect to them.
This notice addresses the recent adoption of Article 8 by Georgia,
Florida and Connecticut.
[[Page 35808]]
Treasury has reviewed the three state enactments and has concluded
all of them are substantially identical to the uniform version of
Revised Article 8. We note that in 1997 Connecticut adopted a version
of Revised Article 8 upon which Treasury did not issue a determination
(see 62 FR 61913, November 20, 1997).
That law was repealed and replaced with the 1998 Connecticut
adoption of Revised Article 8, to which this notice applies.
Accordingly, if either Sec. 357.10(b) or Sec. 357.11(b) directs a
person to Georgia, Florida and Connecticut, the provisions of
Secs. 357.10(c) and 357.11(d) of the TRADES rule are not applicable.
Dated: June 25, 1998.
Van Zeck,
Commissioner of the Public Debt.
[FR Doc. 98-17474 Filed 6-26-98; 5:03 pm]
BILLING CODE 4810-39-P
