[Federal Register Volume 62, Number 156 (Wednesday, August 13, 1997)]
[Rules and Regulations]
[Pages 43283-43284]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-21405]
=======================================================================
-----------------------------------------------------------------------
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
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury is publishing a final rule to
its TRADES Commentary, (Appendix B of 31 CFR Part 357), to update the
list of states that have enacted Revised Article 8 of the Uniform
Commercial Code and that were the subject of prior notices published by
Treasury in the Federal Register. Appendix B provides explanatory
information regarding the regulations governing Treasury securities
held in the commercial book-entry system, referred to as the Treasury/
Reserve Automated Debt Entry System (``TRADES'').
EFFECTIVE DATE: August 13, 1997.
FOR FURTHER INFORMATION CONTACT: Walter T. Eccard, Chief Counsel (202)
219-3320, or Cynthia E. Reese, Deputy Chief Counsel, (202) 219-3320.
Copies of the final rule are being made available for downloading from
the Bureau of the Public Debt home page at the following address:
www.publicdebt.treas.gov.
SUPPLEMENTARY INFORMATION: The final rule to govern Treasury
securities held in the commercial book-entry system, or TRADES, was
published August 23, 1996 (61 FR 43626), and was effective January
1, 1997. Appendix B of the rule, the TRADES Commentary, addresses
the limited scope of federal preemption of state law under
Sec. 357.11 of the Section-by Section Analysis. If the choice of
law rules set forth in TRADES lead to the application of the law of
a state that has not yet adopted Revised Article 8 of the Uniform
Commercial Code (Revised Article 8) then TRADES applies Revised
Article 8 (as approved by the American Law Institute and the
National Conference of Commissioners on Uniform State Laws, or the
``uniform version''). Treasury indicated in the preamble to the
final rule that if a state passes a version of Revised Article 8
that is substantially identical to the uniform version, then
reference to the uniform version would no longer be required. In
the TRADES Commentary, Treasury further stated that it had reviewed
the laws of those states which had adopted Revised Article 8 as of
the date of the publication of the final rule and had concluded
that they were substantially identical to the uniform version.
Those 28 states were enumerated and listed by name alphabetically
in a footnote.
Treasury further indicated that it would publish in the Federal
Register a notice setting forth its conclusion as to whether additional
state enactments of Revised Article 8 are ``substantially identical''
to the uniform version for purposes of the regulations. Treasury has
published such notices with respect to California (62 FR 26, January 2,
1997) and the District of Columbia (62 FR 34010, June 18, 1997). The
TRADES Commentary further states that Treasury will, on an annual
basis, amend the Commentary (Appendix B) to reflect subsequent
enactments. Accordingly, this final rule amends Appendix B to reflect
the addition of California and the District of Columbia to the list of
states enumerated therein. In addition we are making a technical
amendment that corrects the footnote in Appendix B to the rule we
published in 61 FR 43626, August 23, 1996.
[[Page 43284]]
Procedural Requirements
This final rule does not meet the criteria for a ``significant
regulatory action'' pursuant to Executive Order 12866. The notice and
public comment procedures requirements of the Administrative Procedure
Act are inapplicable, pursuant to 5 U.S.C. 553(a)(2).
As no notice of proposed rulemaking was required, the provisions of
the Regulatory Flexibility Act (5 U.S.C. 601, et seq.) do not apply.
There are no collections of information contained in this final
rule. Therefore, the Paperwork Reduction Act does not apply.
List of Subjects in 31 CFR Part 357
Bonds, Electronic funds transfer, Federal Reserve System,
Government securities, Incorporation by reference, Securities.
For the reasons set forth in the preamble, Title 31, Chapter II,
Subchapter B, Part 357 is amended as follows:
PART 357--REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES
AND BILLS
1. The authority citation for Part 357 continues to read as
follows:
Authority: 31 U.S.C. chapter 31; 5 U.S.C. 301; 12 U.S.C. 391.
Appendix B to Part 357--[Amended]
2. Appendix B to part 357 is amended by redesignating the second
footnote 9 through footnote 17 as footnote 10 through 18.
3. Appendix B to part 357 is further amended in the Section-by-
Section Analysis for Sec. 357.11(b), in the third paragraph, by
revising the fourth sentence and redesignated footnote 11 to read as
follows:
Appendix B to Part 357--TRADES Commentary
* * * * *
Section-by-Section Analysis
* * * * *
Section 357.11--Law Governing Other Interests
* * * * *
(b) Limited Scope of Federal Preemption
* * * * *
* * * Treasury has determined that the versions of Article 8
passed by 30 11 states that have enacted Article 8 meet
this standard. * * *
\11\ Alabama, Alaska, Arizona, Arkansas, California, Colorado,
District of Columbia, Idaho, Illinois, Iowa, Indiana, Kansas,
Kentucky, Louisiana, Maryland, Massachusetts, Minnesota,
Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, Pennsylvania,
Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming.
---------------------------------------------------------------------------
Dated: July 17, 1997.
Gerald Murphy,
Fiscal Assistant Secretary.
[FR Doc. 97-21405 Filed 8-12-97; 8:45 am]
BILLING CODE 4810-39-W
