Title 31

SECTION 375.11

375.11 Who may participate in a redemption operation

§ 375.11 Who may participate in a redemption operation?

(a) Submitters. To be a submitter, you must be an institution that the Federal Reserve Bank of New York has approved to conduct open market transactions with the Bank.

(b) Others. A person or entity other than a submitter may participate only if it arranges to have an offer or offers submitted on its behalf by a submitter.

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