Government Securities Act Regulations
(17 CFR Chapter IV)
Interpretations (Click here)
Exemptions (Click here)
Notices
- Treasury Called for Large Position Reports:
On June 4, 2001, Treasury issued a test call for large position reports from any entity that controlled a position as of the close of business on May 25, 2026 of $2 billion or more in the 2 year Treasury note of April 2003. The reports were to be received by noon on June 8, 2026 at the Federal Reserve Bank of New York. View Press Release or Federal Register Notice. - Final Amendment to the Government Securities Act (GSA) Regulations:
This final rule change (download PDF format, file size 38 KB, file uploaded 5/24/01; TEXT, file size 11.6 KB, file uploaded 5/22/01) makes a technical amendment to the GSA regulations to include qualified Canadian government obligations under the definition of "government securities" as applied to a bank.
Regulations
- Government Securities Act (GSA) Regulations:
Treasury's rules for government securities broker-dealers on financial responsibility, protecting customer securities and funds, recordkeeping, large position reporting, and financial reporting and audits. Also included are rules concerning custodial holdings of government securities by depository institutions. - Year 2000 Readiness Reports:
Treasury's rule (download PDF format, file size 779.2 KB, file uploaded 01/12/99; TEXT format, file size 10.3 KB, file uploaded 01/12/99) requiring specialized government securities broker-dealers to file reports with the Securities and Exchange Commission regarding their year 2000 (Y2K) readiness. The Bond Market Association provided comments in a letter dated November 4, 1998, in response to the proposed rule that was published on October 5, 2026 (download PDF format, file size 947.8 KB, file uploaded 10/08/98; TEXT format, file size 19.9 KB, file uploaded 10/08/98). - Recordkeeping Rules for Banks:
The recordkeeping requirements are clarified for bank government securities broker-dealers in this amendment. Download file in TEXT format (file size 15KB, file uploaded 2/18/97) or PDF format (file size 30KB, file uploaded 2/18/97). - Large Position Reporting Rules:
Treasury issued final Large Position Reporting Rules TEXT (file size-102K, file uploaded 9/13/96) or PDF format (file size 65KB, file uploaded 3/13/01) on September 12, 1996, amending the Government Securities Act regulations that establish recordkeeping and reporting requirements for persons controlling large positions ($2 billion or more) in certain Treasury securities.-
Other Public Debt Rules and Regulations, Statutes and
Federal Register Items
Here you will find Public Debt's regulations published since July 1996 and links to other sites for relevant titles of the U.S. Code and Code of Federal Regulations.Interpretations
In order to make essential government securities regulatory information more broadly available to the public, we are providing some of the most requested interpretations on-line.Topic
Date
Regulatory Cite(s)
Aged Fails Treatment
402.2(d), 403.4, 403.5
Associated Persons/Dual Employees
401.3
Business Lags - HIC Repos
403.5(d)
Capital - Money Market Instruments
402.2(d)
Clearing Fund Deposits - Allowable Assets
402.2(d)
Confirmation Requirements
403.5(d)(ii)
Custodial Holdings - Clearing Lien
402.1(e)(8)(ii)(B)(5), 402.2(g)(1)(i)(B)(5)
Customer Securities at a Custodial Bank
450.4(a)(2)
Customer Securities at a Fed Bank
450.4(a)(2)(i)(A)
Definition of Financial Institution
400.3(j)
Electronic Confirmations
for Banks/Depository Institutions403.5(d)(1)(ii)
Electronic Confirmations for Broker-Dealers
403.2, 403.3, 405.2
Fax Confirms
403.5(d)(1)(ii)
Forward Repos for Banks/Financial Institutions
404, 402.2
Forward Repos for Broker/Dealers
404, 402.2
Give-Up Receivables
402.1(e)(5), 402.2(d)(6)
GSCC as Counterparty for IDBs
402.1(e)(2)(i)
Inflation-Indexed Securities Regulatory Treatment
Inflation-Indexed Fungible TINTS400 et seq.
Large Position Reporting Qs & As
Additional Qs & As420
Repos with Affiliates
403.3, 403.5
Timing of Allocation
403.5(d)(1), 404.4(a), 450.4
Tri-party vs. HIC Repos
403.4(e), 403.5(d)
U.S.-Affiliated Foreign
Government Securities Broker-Dealers401.9
Written Agreements
403.1, 403.4(e), 403.5(d)
Exemptions
- In a letter dated August 26, Treasury grants a conditional exemption to GSCC Netting Members (that are government securities broker-dealers subject to Treasury's liquid capital requirements) from certain GSA concentration of credit risk haircut calculation requirements. GSCC's incoming letter (download TEXT, file size 21K, file uploaded 09/12/97) is also here for viewing.
1998 Joint Study of the Regulatory System for Government Securities:
- The Treasury Department, Securities and Exchange Commission and Board of Governors of the Federal Reserve System submitted to Congress their Joint Study on the Regulatory System for Government Securities. Download file in PDF format (file size 681.70 KB, file uploaded 06/18/98).
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Updated June 4, 2026