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R-210 BOARD OF GOVERNORS OF THE lfEDERAL RESE!IVE SYSTEM 176 STATEMEN'r ]'OR THE PRESS For release in morning papers, Monday, March 21, 1938. The following ruling will appear in the Federal Reserve Bulletin. Time When Guarantee Is Filed With Secretary Of Exchange Under section 6(c)(2) of Regulation T, one of the requirements for a guarantee being given effect for the purposes of the regulation is that tta duplicate original of the guarantee has been filed with the secretary of a national securities exchange of which the creditor is a member or through which his transactions are effected". The Board recently considered a cas•3 in which a creditor had receivod a guarantee that satisfied all other requiren1ents for its effectiveness under the regulation, but the creditor's office was located at such a distance from an appropriate national securities exchange that it would require several days for the duplicate original to reach the secretary of the exchange by mail. The question presented was whether in such circumstances, if the creditor mailed the duplicate original to the secretary of the exchange and also advised the secretary of these facts by telegraph, the creditor might thereupon treat the guarantee as having been appropriately filed·., instead of allowing time for the duplicate original to reach its destination. It is recognized that' filing requirements of other statutes or regulations frequently are held not to be complied with until the document in question has been received in the off'ice of the person with whom 177 E-210 it is to bi;;J filed. The Board expressed the opinion, however, that in view of the purposes of this rec;ui:r·emont in Regulation T it would be proper in a case such as that descr;.b ed to trent the duplicate original of the guar- antee as hrw:l.ng been filed with the secretary of the exchange as of the timo when tho duplicate original has b0en mailed to him and he has been advised by telegraph.
@FedFRASER