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Guidelines for SLGS Waiver Processing and Subscription Changes

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This document outlines the procedures and requirements for processing waivers related to SLGS transactions. It emphasizes the mandatory use of SLGSafe for electronic processing, details the processing lead times based on subscription amounts, and clarifies conditions under which waivers must be submitted for cancellations and changes. Key information includes rules for issue amounts, security types, as well as protocols for notifying the Special Investments Branch promptly with detailed information concerning any issues encountered.

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Guidelines for SLGS Waiver Processing and Subscription Changes

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  1. SLGS Waiver Processing 2011 SLGS Forum May 17, 2011

  2. Fax Waiver • The 2005 SLGS Regulation change made the use of SLGSafe (electronic processing) mandatory for all SLGS transaction activity • Paper transactions will only be processed by SIB in a contingency/exception processing situation • A fax waiver request must be received and approved before a paper transaction will be processed by SIB

  3. Subscription Waiver • Lead Time • Rule: < $10 million 5 calendar days, > $10 million 7 calendar days • Issue Date • Rule: once submitted subscription issue date cannot be changed • Issue Amount • Rule: once submitted subscription issue amount can be changed up to 10% of original amount • Security Type • Problem: customer subscribed for Time Deposit SLGS instead of Demand Deposit, or subscribed for Demand Deposit SLGS instead of Time Deposit

  4. Prohibition Waiver • If a subscription is cancelled the Owner the subscription is automatically placed on a 6 month prohibition list and cannot purchase SLGS • A waiver must be submitted to SIB requesting the owner be removed from the prohibition list • If the waiver is approved the SLGS Owner will be removed from the prohibition list and can resume purchasing SLGS

  5. Accounts Receivable Waiver • Accounts Receivables are generated as the fee charged to the customer for Late Receipt of Funds or changes to a SLGS case after issue • Late Funds Administrative Fee • Late Interest Fee • Late Change Administrative Fee

  6. Case Waiver • Cancel Security • Change Security

  7. Redemption Waiver - Time • Delete Redemption • Rule: once submitted a redemption request cannot be deleted/cancelled • Minimum Security Life • Rule: C of I security must be on the system 25 days after the issue date; Note and Bond securities must be on the system 30 days after the issue date • Lead Time Requirement • Rule: SLGS subscribed for after 08-15-05, 14 calendar days

  8. Redemption Waiver - Demand • Delete Redemption • Rule: once submitted a redemption request cannot be deleted/cancelled • Lead Time Requirement • Rule: one business day for $10 million or less; three business days for more than $10 million

  9. When you request a waiver you should: • Notify SIB as soon as possible about the problem/situation – timeliness is very important • Include as much information as you can about the subscription/case and the cause of the situation • Include steps you will implement to prevent future instances from occurring • Fax or email the signed request to the Special Investments Branch, 304-480-5277 or OPDA- SIB@bpd.treas.gov

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