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X-9041 FEDERAL RESERVE 2 2 6 ^ 2 STATEME^IT FOR THE PRESS For immediate r e l e a s e . December 7, 1934. HIIvIE WHEN PAYMENT IS DEEMED RECEIVED IN CASH TRANSACTIONS IN UNREGISTERED, NON-EXEMPTED SECURITIES. Ruling No. 39 i n t e r p r e t i n g R e g u l a t i o n T. S e c t i o n 4 ( f ) of R e g u l a t i o n T p r o v i d e s i n p a r t t h a t t h e r e c e i p t i n good f a i t h of a check or d r a f t drawn on a bank which i n t h e o r d i n a r y course of b u s i n e s s i s payable on p r e s e n t a t i o n , or t h e shipment i n good f a i t h of s e c u r i t i e s w i t h s i g h t d r a f t a t t a c h e d may, f o r t h e p u r poses of t h e r e g u l a t i o n , be deemed to be t h e r e c e i p t of payment of t h e amount of such check or d r a f t . The F e d e r a l Reserve Board has been asked, i n view of r u l i n g number 34 i n t e r p r e t i n g R e g u l a t i o n T, whether t h i s a p p l i e s t o "cash t r a n s a c t i o n s " i n u n r e g i s t e r e d , non-exempted s e c u r i t i e s . I n r e p l y , t h e Board r u l e s t h a t t h e p r o v i s i o n s of s e c t i o n 4 ( f ) of t h e r e g u l a t i o n r e g a r d i n g t h e time when payment i s deemed t o be r e c e i v e d apply t o "cash t r a n s a c t i o n s " i n u n r e g i s t e r e d , non-exempted s e c u r i t i e s as w e l l as t o "cash t r a n s a c t i o n s " i n o t h e r s e c u r i t i e s •
@FedFRASER