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FED E R A L R ESER V E BANK O F NEW YORK r Circular N o. 7 3 8 2 L April 2 6 , 1974 ~1 J Book-Entry Regulation of Federal National Mortgage Association T o A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: In our Circular No. 7303, dated December 21, 1973, we reported on the progress being made in the application of the expanded book-entry program to Treasury and eligible Government securities and in the development of the telegraphic securitiestransfer procedure. Treasury securities and securities issued by the Farmers Home Administration (Certificates of Beneficial Ownership), Banks for Cooperatives, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, and the United States Postal Service are eligible to be held by Federal Reserve Banks for member banks in book-entry form. In addition to the Agencies enumerated above, a book-entry regulation for the Fed eral National Mortgage Association was published in the Federal Register on March 26, 1974, effective April 25, 1974. In accordance with that regulation, eligible securities issued by the Federal National Mortgage Association deposited with this Bank for safekeeping on or after May 3, 1974 will be converted into book-entry form. For your information, the Federal National Mortgage Association was partitioned, effective September 1, 1968, into two separate and distinct corporations — the Federal National Mortgage Association and the Government National Mortgage Association. Certain obligations of the Federal National Mortgage Association, including mortgagebacked bonds guaranteed by the Government National Mortgage Association, but exclud ing Federal National Mortgage Association short-term discount notes and obligations convertible into common stock, are eligible for the book-entry program. Prior to September 1, 1968, the participation certificates of the Government Mort gage Liquidation Trust, the Federal Assets Liquidation Trust, and the Federal Assets Financing Trust were obligations of the Federal National Mortgage Association. Such participation certificates, although engraved with the name of the Federal National Mortgage Association, became the direct obligations of the Government National Mort gage Association on September 1, 1968 and are not yet eligible for the book-entry program. To reflect the application of the book-entry procedure to Federal National Mortgage Association securities, we are enclosing copies of the following documents: (a ) A ppendix B, “ Federal Agencies with B ook-E ntry R egulations,” Revised A p ril 25, 1974, to Operating Circular No. 21. (b ) A ppen dix C, “ Correlation Table of Treasury and A gen cy B ook-E ntry Regulations,” Revised A p ril 25, 1974, to Operating Circular No. 21. The above securities are also eligible for telegraphic transfer to other Federal Reserve Districts. Delivery of Federal Agency securities by wire in other Districts can be made only to book-entry accounts maintained in the names of member banks. A lfked H a y e s , President. F E D E R A L R E S E R V E BA N K O F N EW Y O R K Appendix B to Operating Circular No. 21 Revised April 25, 1974 F E D E R A L A G E N C IE S W IT H B O O K -E N T R Y R E G U L A T IO N S To A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: This A ppendix contains a list of the Federal Agencies that have issued book-entry regulations substantially in the form of Subpart 0 of Treasury Department Circular No. 300, and whose bearer securities are issued and maintained by this Bank in book-entry form pursuant to such regulations. Each item in the following list gives the citation o f the A g e n cy ’s book-entry regulation and indicates the securities which are authorized by that A gency to be issued in book-entry form. 1. United States Postal Service (39 CFR 761) — effective August 18, 1972. A n y obligation o f the Postal Service issued under 39 U.S.C. 2005. 2. Farm Credit Adm inistration (12 CFR 615) — effective October 20, 1972. Consolidated notes, bonds, debentures, or other similar obligations o f the (a ) Twelve Federal Land Banks, ( b ) Thirteen Banks fo r Cooperatives, and ( c ) Twelve Federal Interm ediate Credit Banks; and systemwide notes, bonds, deben tures, or similar obligations o f the banks o f the Farm Credit System issued under the Farm Credit A ct o f 1971. 3. Federal H om e Loan Bank Board (12 CFR 506a) — effective September 14, 1973. Consolidated bonds and consolidated notes o f the Federal Home Loan Banks issued b y the Federal Home Loan Bank Board under the Federal Home Loan Bank A ct, as amended. 4. Farm ers H om e Adm inistration (7 CFR 1 8 7 3 .1 1 )— effective December 6, 1973. Certificates o f Beneficial Ownership in Farmers Home Insured Note Trusts issued under 7 U.S.C. 1932. 5. Federal N ational M ortgage Association (24 CFR 8 1 .6 ) — effective A pril 25, 1974. A ny obligation o f the corporation (except short-term discount notes and obligations convertible into shares o f common stock) issued under 12 U.S.C. 1 7 1 9 (b ), ( d ) , and ( e ). This A ppendix supersedes A ppendix B, Revised effective Decem ber 6, 1973, to Operating Circular No. 21. A lfred H ayes, President. Fed er al Reserve of Ban k N ew Yo rk E Appendix C to Operating Circular No. 21 Revised April 25, 1974 C O R R E L A T IO N T A B L E OF T R E A S U R Y A N D A G E N C Y B O O K -E N T R Y R E G U L A T IO N S To A ll Banking In stitution s, and Others Concerned, in the Second Federal R eserve D istrict: The table on the reverse side correlates the sections of Subpart 0 of Treasury Department Circular No. 300 to the corresponding section numbers in the bookentry regulations of the Federal Agencies listed in A ppendix B to our Operating Circular No. 21. This A ppendix supersedes A ppendix C, Revised effective December 6, 1973, to Operating Circular No. 21. A lfred H ayes, President. (over) CORRELATION TABLE Subpart 0 S ection Nam e S ection N um ber U.S. Postal S ervice (39 CFR 761) Farm Credit A dm inistration (1 2 CFR 615) Federal F edera l Farm ers N ational S o m e Loan H om e M ortgage Bank B oard Adm inistration A ssociation (IS CFR 506a) (7 CFR 1873.11) (24 CFR 81.6) D efinition o f t e r m s .................................. $ 306.115 $ 761.1 § 615.5450 § 506a. 1 § 1873.11 § 81.6 A u th ority o f Reserve Banks .............. $ 306.116 $ 761.2 § 615.5455 $ 506a.2 § 1873.12 $ 81.7 Scope and effect o f book-entry proce dure .......................................................... $ 306.117 $ 761.3 $ 615.5460 § 506a.3 § 1873.13 $ 81.8 Transfer or pledge $ 306.118 $ 761.4 § 615.5465 § 506a.4 § 1873.14 $ 81.9 W ithdraw al o f Treasury securities . . § 306.119 $ 761.5 § 615.5470 § 506a.5 $ 1873.15 § 81.10 D elivery o f Treasury s e c u r it ie s ......... $ 306.120 § 761.6 $ 615.5475 $ 506a.6 $ 1873.16 § 81.11 Registered bonds and notes ................ $ 306.121 $ 761.7 — § 506a.7 $ 1873.17 81.12 Servicing book-entry Treasury securities; paym ent o f interest, paym ent at m aturity or upon c a l l .................. $ 306.122 § 761.8 § 615.5480 § 506a.8 § 1873.18 $ 81.13 ...............................
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