[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR356.22]

[Page 378]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 356_SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, 
AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 
1-93)--Table of Contents
 
          Subpart C_Determination of Auction Awards; Settlement
 
Sec.  356.22  Does the Treasury have any limitations on auction awards?

    (a) Awards to noncompetitive bidders. The maximum award to any 
noncompetitive bidder is $5 million. This limit does not apply to 
bidders bidding solely through TreasuryDirect[supreg] or Legacy Treasury 
Direct[supreg] reinvestment requests.
    (b) Awards to competitive bidders. The maximum award is 35 percent 
of the offering amount less the bidder's net long position as reportable 
under Sec.  356.13. For example, in a note auction with a $10 billion 
offering amount, and therefore a maximum award of $3.5 billion, a bidder 
with a reported net long position of $1 billion could receive a maximum 
auction award of $2.5 billion. When the bids and net long positions of 
more than one person or entity must be combined, as is the case with 
investment advisers and controlled accounts (See Sec.  356.15(c).), we 
will use this combined amount for the purpose of this 35 percent award 
limit.

[69 FR 45202, July 28, 2004, as amended at 69 FR 53622, Sept. 2, 2004; 
70 FR 574410, Sept. 30, 2005]