[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 547 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 547

To require the Secretary of the Treasury to revise certain regulations 
  relating to holds-in-custody repurchase transactions in Government 
                              securities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 1993

  Mr. Upton introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to revise certain regulations 
  relating to holds-in-custody repurchase transactions in Government 
                              securities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DAILY CONFIRMATIONS FOR HOLD-IN-CUSTODY REPURCHASE 
              TRANSACTIONS.

    Within one year after the date of enactment of this section, the 
Secretary of the Treasury shall revise the regulation under section 15C 
of the Securities Exchange Act of 1934 relating to the obligations of 
financial institutions holding custody of securities subject to a 
repurchase agreement to confirm, daily and in writing, the securities 
that are subject to such repurchase agreement (17 CFR 403(d)(1)(ii)). 
Such revision shall permit the counterparty to such agreement to waive 
in writing the right to obtain such daily written confirmation if the 
counterparty has received a disclosure, in a form prescribed by the 
Secretary, that adequately informs the counterparty of the benefits of 
receiving such daily written confirmations.

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