Auction Regulations (UOC)
This page focuses on the regulations for Treasury auctions.
Treasury Auction Regulations (31 CFR Part 356)
The Uniform Offering Circular (UOC) sets the terms and conditions for the sale and issue of Treasury marketable securities. It describes the rules for these auctions, how to submit bids, and authorized payment methods.
Treasury's Auction Rules Workshop
On November 15, 2024, the Department of the Treasury conducted a virtual academic workshop on the auction rules. Recording and slides from the event are available.
Amendments to Treasury's Auction Regulations
Noncompetitive Bidding Award Limits (2022)
Increased and modified limits on noncompetitive bidding awards.
Technical corrections (July 2016)
Made technical corrections to redesignate cross-references.
FRN indexing rules (July 2013)
Amended rules regarding the indexing of Floating Rate Notes to 13-week Treasury Bill auction rates.
Minimum interest rate (April 2011)
Established a minimum interest rate of 1/8 of one percent for fixed-rate marketable securities and TIPS.
UOC update (June 2009)
Various updates to modernize the UOC's competitive and noncompetitive bidding provisions.
Simplifying the STRIPS program (November 2000)
Simplified the minimum and multiple par amounts eligible to be stripped.
Further Reading
Related pages: Laws & Regulations, Collateral Programs, Commercial Book-Entry Regulations (TRADES), Government Securities Act (GSA) Regulations, Large Position Reporting (LPR), Redemption/Buyback Operations Regulations, Savings Bond Regulations, TreasuryDirect Regulations.