(a) Account. A securities account consists of:
(1) An account master record, and
(2) A securities portfolio.
(b) Security. A security in Legacy Treasury Direct is evidenced by the account master record and a description of the security as set out in the securities portfolio associated with an account master record.
(c) Account master record. In order for a security to be maintained in Legacy Treasury Direct, the account owner must have previously established an account master record, except that a new account may be established for the conversion of a definitive security pursuant to 31 CFR 306.23. The account master record includes, but is not limited to, the following data:
(1) The exact form of registration in which the securities are held;
(2) The Legacy Treasury Direct account number;
(3) The correspondence address for the account;
(4) The TIN of the owner, or in the case of ownership by two individuals, of the first-named owner; and
(5) Payment instructions. (See § 357.26.)
(d) Securities portfolio. The securities portfolio contains a description of each security and is the aggregate of all securities in the securities account.
(e) Statement of account. The Department shall send a statement of account (statement):
(1) Upon the establishment of an account master record;
(2) Upon a change in the securities portfolio;
(3) At an owner's request; or
(4) Upon the determination on December 31 that an owner has not received a statement of account for that current calendar year.
The statement shall contain information regarding the account as of the date of such statement. The price associated with each security in the securities portfolio will also appear on the statement.[1] The statement may be sent to the correspondence address designated in the account master record, or may be sent by electronic means. When the statement is issued as a result of a change in ownership of a security, statements will be sent, where appropriate, to both the former and current owners. Other information regarding the account may be obtained in accordance with § 357.24.
(f) Confirmation notice. The Department shall send a confirmation notice (notice):
(1) Upon a change in an account master record;
(2) Upon scheduling or canceling a reinvestment; or
(3) To confirm the interest earned on a Treasury Inflation Indexed Security. The notice shall contain information regarding the account as of the date of such confirmation. The notice may be sent to the correspondence address designated in the account master record, or may be sent by electronic means. All changes reflected in paragraph (f) (1) and (2) of this section will be included in the next regularly scheduled statement of account. See paragraph (e) of this section for the statement schedule.
(g) Account maintenance fees. An annual maintenance fee shall be charged for each Legacy Treasury Direct securities account holding securities that in the aggregate exceed a stipulated par amount. The amount of the fee will be published by notice in the Federal Register.
(h) Closing an account. If a Legacy Treasury Direct account has no holdings, we reserve the right to close the account.
(Approved by the Office of Management and Budget under control number 1535-0068)
[51 FR 18265, May 16, 1986, as amended at 60 FR 4377, Jan. 23, 1995; 62 FR 18004, Apr. 11, 1997; 62 FR 32033, June 12, 1997; 76 FR 18063, Apr. 1, 2011]