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333 *59016? : FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For immediate r e l e a s e / November 8, 1934. SECURITIES DEPOSITED FOR SALE. RULING NO. 35 INTERPRETING REGULATION T. The Federal Reserve Board has been asked to r u l e on the following question a r i s i n g under Regulation T. A customer maintaining with a broker a r e s t r i c t e d account which i s not a s p e c i a l account d e l i v e r s c e r t a i n r e g i s t e r e d , non-exempted s e c u r i t i e s to such broker with the request that he s e l l the s e c u r i t i e s and d e l i v e r the entire proceeds of the s a l e to the customer. with the customer's request? May the broker comply On the basis of the f a c t s submitted, the Board rules that the broker may permit the withdrawal of the amount for which such s e c u r i t i e s are s o l d , i f the delivery of such s e c u r i t i e s i n t o the account, the s a l e of the s e c u r i t i e s , and the withdrawal of the funds from the account, a l l occur on the same day, so that the withdrawal of funds c o n s t i t u t e s a part of a combination of transactions nhich does not r e s u l t i n a net withdrawal or an increase i n the excess of the adjusted debit balance of the account over the maximum loan value of the s e c u r i t i e s i n the account i n v i o l a t i o n of s e c t i o n 4(d) of the r e g u l a t i o n .
@FedFRASER