20 N.C. Admin. Code 7.0304

Current through Register Vol. 39, No. 11, December 2, 2024

Section 07 .0304 - PLEDGING AND RELEASING COLLATERAL

(a) All pledges and releases of collateral to or from an escrow account shall be initiated by means of Form COLL-95, "Request for Collateral Pledge and/or Release." The form shall require the following:

(1) Amount and description (including CUSIP numbers) of securities to be released and pledged;

(2) The effect of the transaction(s) on the total collateral pledged, including the percentage of excess then pledged, if a decrease;

(3) Prior approval of all releases and substitutions of collateral by the State Treasurer or public depositor, as applicable;

(4) That all transactions be reported to the State Treasurer or public depositor as applicable; and

(5) Certification by an authorized official of the depository that after the transaction(s) are completed, the collateral pledged meets the requirements of Rule .0202 of this Chapter.

(b) Nothing in this Rule shall have the effect of reducing the obligations of the depository to secure public deposits or the required amount of collateral to be pledged.

(c) The depository may substitute its own format for Form COLL-95 provided the format is substantially the same in content and order of presentation.

20 N.C. Admin. Code 07 .0304

Authority G.S. 115C-444(b); 147-79; 159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1, 1982;
Amended Eff. April 1, 1994; September 1, 1988;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016;
Amended November 1, 2020.

Authority G. S. 115C-444(b); 147-79; 159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1, 1982;
Amended Eff. April 1, 1994; September 1, 1988.