31 CFR § 356.22 - Does the Treasury have any limitations on auction awards?

---
identifier: "/us/cfr/t31/s356.22"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 356.22 - Does the Treasury have any limitations on auction awards?"
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "356.22"
section_name: "Does the Treasury have any limitations on auction awards?"
chapter_name: "FISCAL SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "BUREAU OF THE FISCAL SERVICE"
part_number: "356"
part_name: "SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, FISCAL SERVICE SERIES NO. 1-93)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 301; 31 U.S.C. 3102,  12 U.S.C. 391."
regulatory_source: "69 FR 45202, July 28, 2004, unless otherwise noted."
cfr_part: "356"
---


# 356.22 Does the Treasury have any limitations on auction awards?

(a) *Awards to noncompetitive bidders.* The maximum award to any noncompetitive bidder is $10 million. This limit does not apply to bidders bidding solely through a request to reinvest the proceeds of a maturing security held directly with Treasury.

(b) *Awards to competitive bidders.* The maximum award is 35 percent of the offering amount less the bidder's net long position as reportable under § 356.13. For example, in a note auction with a $10 billion offering amount, and therefore a maximum award of $3.5 billion, a bidder with a reported net long position of $1 billion could receive a maximum auction award of $2.5 billion. When the bids and net long positions of more than one person or entity must be combined, as is the case with investment advisers and controlled accounts (See § 356.15(c).), we will use this combined amount for the purpose of this 35 percent award limit.

[69 FR 45202, July 28, 2004, as amended at 69 FR 53622, Sept. 2, 2004; 70 FR 57440, Sept. 30, 2005; 87 FR 40440, July 7, 2022]