Modifications to Existing SLGS Securities.
By Craig Perler
Aug 22, 2005, 10:15
As of August 15, 2005, a variety of modifications to existing SLGS securities rules went into effect:
- SLGS subscription cancellations are not permitted
- Changes to issue dates are not permitted
- Dollar amounts of subscriptions can be changed up to 10%
- 14 day advance notification for early redemption is required
- Early redemption requests can only be made on securities that have been issued
- Yield pickups on early redemptions are prohibited; yield is calculated based on the IRS definition of yield
- SLGS rate fee is approximately 1 basis point
- Use of SLGSafe is mandatory
- Agent and yield certifications are required
- ***Daily SLGS rate tables will be produced and published at 10AM EST ***
- SLGSafe trading hours are 10AM to 10PM EST
Note that the above is only a quick summary of the bureau's changes (http://slgs.gov/spe/0045.pdf).
Additional information may be found at the Bureau of the Public Debt's SLGS website, http://slgs.gov.
Current SLGS rules and regulations are documented at 31 CFR Part 344.
If you have any further questions, please contact Jennifer Vancho at 203-353-4100.
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