§ 356.22. Does the Treasury have any limitations on auction awards?
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/us/cfr/t31/s§ 356.22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Awards to noncompetitive bidders. The maximum award to any noncompetitive bidder is \$10 million. This limit does not apply to bidders bidding solely through a request to reinvest the proceeds of a maturing security held directly with Treasury.
(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 § 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 § 356.15(c).), we will use this combined amount for the purpose of this 35 percent award limit. \[69 FR 45202, July 28, 2004, as amended at 69 FR 53622, Sept. 2, 2004; 70 FR 57440, Sept. 30, 2005; 87 FR 40440, July 7, 2022\]
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§ 356.22
Does the Treasury have any limitations on auction awards?
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