§ 375.11 Who may participate in a redemption operation?

(a) Submitters. To be a submitter, you must be:

(1) An institution that the Federal Reserve Bank of New York has designated as a primary dealer; or

(2) An entity approved by the Treasury Department to participate directly in redemption operations.

(b) Others. A person or entity other than a submitter may participate only if it arranges to have an offer or offers submitted on its behalf by a submitter.