[Federal Register Volume 63, Number 182 (Monday, September 21, 1998)]
[Rules and Regulations]
[Pages 50159-50160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-25213]


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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 Statutes; Wisconsin, New Hampshire 
and Michigan

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

ACTION: Determination of substantially identical state statutes.

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SUMMARY: The Department of the Treasury is announcing that it has 
reviewed the statutes of Wisconsin, New Hampshire and Michigan which 
have recently enacted laws adopting Revised Article 8 of the Uniform 
Commercial Code--Investment Securities (``Revised Article 8'') and 
determined that they are 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 those 3 states.

EFFECTIVE DATE: September 21, 1998.

FOR FURTHER INFORMATION CONTACT: Sandy Dyson, Attorney-Advisor (202) 
219-3320, or Cynthia E. Reese, Deputy Chief Counsel (202) 219-3320.

ADDRESSES: Copies of this notice are available for downloading from the 
Bureau of the Public Debt home page at: http://
www.publicdebt.treas.gov.

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. Notices have 
subsequently been published setting forth Treasury's determination 
concerning 19 additional states' enactment of Revised Article 8. See 
(62 FR 26, January 2, 1997, 62 FR 34010, June 18, 1997, 62 FR 61912, 
November 20, 1997, 63 FR 20099, April 23, 1998 and 63 FR 35807, July 1, 
1998). Thus, a total of 50 states, including the three states addressed 
herein, the District of Columbia and Puerto Rico, have enacted statutes 
substantially identical to the uniform version of Revised Article 8.
    This notice addresses the recent adoption of Article 8 by 
Wisconsin, New Hampshire and Michigan.
    Treasury has reviewed the three state enactments and has concluded 
all of them are 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 Wisconsin, New Hampshire and Michigan, the provisions of 
Secs. 357.10(c) and 357.11(d) of the TRADES rule are not applicable.


[[Page 50160]]


    Dated: September 15, 1998.
Van Zeck,
Commissioner of the Public Debt.
[FR Doc. 98-25213 Filed 9-17-98; 8:45 am]
BILLING CODE 4810-39-P