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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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