Oklahoma Administrative Code
Title 735 - State Treasurer
Chapter 10 - Security for Public Deposits
Section 735:10-1-7 - Collateral security through safekeeping banks other than the Federal Reserve Bank
Current through Vol. 41, No. 13, March 15, 2024
These procedures detail transactions when using a safekeeping bank other than the Federal Reserve Bank. All other transactions shall use the procedures found at 735:10-1-6. Permissible transactions under the rules are pledging, releasing and substituting collateral securities. When substituting collateral instruments for collateral securities, follow the procedures outlined in 735:10-1-15.
(1) When pledging collateral securities:
(2) When releasing collateral securities, a pledgor bank will only be allowed to release collateral when there are no longer any State funds on deposit or the current fair market value of any remaining collateral is equal to or greater than the required amounts established in 735:10-1-3.
(3) When substituting collateral securities for collateral securities, collateral may only be substituted when the current fair market value of the substitute collateral (plus any remaining pledged collateral) is equal to or greater than the maintenance percentage. This process will require a release and new pledge/substitution.
(4) For the substitution of collateral securities for collateral instruments, a substitution may only be made when the current fair market value of the substitute collateral (plus any remaining pledged collateral) is equal to or greater than the maintenance percentage. This process will require a release and new pledge/substitution.
(5) The State Treasurer, safekeeping bank and pledgor bank may send or receive pledge forms and notices by means of electronic transmission (fax, internet transmission) including E-mail or other technological means of communication acceptable to all parties. However, a hard copy of all such transactions shall be maintained by the State Treasurer, safekeeping bank and the pledgor bank consistent with their recordkeeping requirements set by statute or regulation.
Added at 13 Ok Reg 1583, eff 4-2-96 (emergency); Added at 13 Ok Reg 3341, eff 7-25-96; Amended at 15 Ok Reg 2479, eff 4-29-98 (emergency); Amended at 15 Ok Reg 2865, eff 6-25-98; Amended at 26 Ok Reg 1348, eff 5-26-09