Full text of District Notices (Federal Reserve Bank of Dallas) : [Public Interpretation No. 12]

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FE D E R AL R E SE R V E B AN K O F D A L L A S
F IS C A L A G E N T O F TH E U N ITE D S TATE S

Dallas, Texas, April 24, 1943

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
The following is the text of Public Interpretation No. 12 issued by the
Treasury Department:
“ PUBLIC INTERPRETATION NO. 12 UNDER EXECUTIVE ORDER
NO. 8389, as amended, Executive Order No. 9193, sections 3 (a) and 5 (b)
of the Trading with the Enemy Act, as amended by the First War Powers
Act, 1941, relating to Foreign Funds Control.
SUBJECT: PUBLIC CIRCULAR NO. 21— REPORTING REQUIREMENT
APPLICABLE SECURITIES TRANSACTIONS FOR SUB­
ACCOUNTS.
Inquiry has been made as to whether the provision of Public Circular
No. 21 that ‘each sub-account of a blocked account is deemed to be a sepa­
rate blocked account’ has the effect of making it unnecessary to file a report
on Form TFR-4 pursuant to Public Circular No. 14, where the total pur­
chases and total sales of securities in any calendar month for each sub­
account of a blocked account are each less than $5,000 but where total
purchases or total sales for two or more sub-accounts of such blocked
account are in excess of that sum.
The Treasury Department has replied in the negative. For the purposes
of Public Circular No. 14, each purchase or sale of securities for a sub­
account of a blocked account is deemed to be a purchase or sale for such
blocked account.
J. W. PEHLE
Assistant to the Secretary of the Treasury”

Yours very truly,
R. R. GILBERT
President

k b ^ ictory

AND

STAMPS

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