Implementing Regulations for the Government Securities Act of 1986

概要

The Department of the Treasury (``Department'') is issuing in final form amendments to the regulations issued under the Government Securities Act of 1986, as amended (the ``Government Securities Act'' or ``GSA''). The amendments implement a buy-in requirement for mortgage-backed securities that are in a fail to receive status for more than 60 calendar days; and all government securities that are needed to complete a customer sell order (other than a short sale) if the securities have not been received from the customer within 30 calendar days after the settlement date for all government securities except mortgage-backed securities, or 60 calendar days after the settlement date for mortgage-backed securities. The final rule adopts without substantive change the buy-in requirements for mortgage-backed securities in a fail to receive status that were prescribed in the proposed rules published for comment on April 17, 1991. However, the time frames for buy-ins of customer sell orders have been revised in the final rule in response to comments received on the proposed rules. These requirements apply to all entities that are required to register or provide notice of their status as gover