The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Ruling No. 15. X-8061 FEDERAL RESERVEBOARD STATEMENT FOR THE PRESS For immediate r e l e a s e . October 10, 1934. TIME WITHIN WHICH COMBINATION OF TRANSACTIONS MUST BE MADE IN OLD ACCOUNTS. In r e p l y t o an inquiry, Board has advised that i n order to "be considered a "combination of transactions" w i t h i n the meaning of the second proviso of s e c t i o n 7(a) of Regulation T, the transactions c o n s t i t u t i n g such combination must be made on the same day except that any s u b s t i t u t i o n of s e c u r i t i e s c o n s i s t i n g of a s a l e of s e c u r i t i e s i n the account and t h e purchase of other s e c u r i t i e s may be considered as a s i n g l e t r a n s a c t i o n occurring on the day on which the purchase occurs, i f completed within a period of two s u c c e s s i v e business days, regardless of whether the s a l e occurs before or a f t e r the purchase.
@FedFRASER