[Federal Register: June 18, 1997 (Volume 62, Number 117)]
[Rules and Regulations]               
[Page 33010]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18jn97-6]


[[Page 33010]]

=======================================================================
-----------------------------------------------------------------------

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 Statute; District of Columbia

AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION: Notice of determination of substantially identical State 
statute.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury is announcing that it has 
reviewed the recently enacted District of Columbia law adopting Revised 
Article 8 of the Uniform Commercial Code--Investment Securities 
(``Revised Article 8'') and has determined that it is 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 the District of Columbia.

EFFECTIVE DATE: June 18, 1997.

FOR FURTHER INFORMATION CONTACT:
Walter T. Eccard, Chief Counsel (202) 219-3320, or Cynthia E. Reese, 
Deputy Chief Counsel (202) 219-3320.

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. This notice 
addresses the recent adoption of Article 8 by the District of Columbia. 
A ``state'' is defined in the regulations as including the District of 
Columbia.
    Treasury has reviewed the District of Columbia enactment and has 
concluded that it is substantially identical to the uniform version of 
Revised Article 8. Accordingly, if either Sec. 357.10(b) or 
Sec. 357.11(b) directs a person to the District of Columbia, the 
provisions of Secs. 357.10(c) and 357.11(d) of the TRADES rule are not 
applicable.

    Dated: June 12, 1997.
Richard L. Gregg,
Commissioner of the Public Debt.
[FR Doc. 97-15943 Filed 6-17-97; 8:45 am]
BILLING CODE 4810-39-M