12 C.F.R. § 985.6 Debt management duties of the OF.
Title 12 - Banks and Banking
(a) Issuance and servicing of COs. The OF shall issue and service (including making timely payments on principal and interest due, subject to §§966.8 and 966.9 of this chapter) consolidated obligations pursuant to and in accordance with the policies and procedures established by the OF board of directors under this part. (b) Combined financial reports requirements. The OF shall prepare and distribute the combined annual and quarterly financial reports for the Bank System in accordance with the following requirements: (1) The scope, form and content of the disclosure generally shall be consistent with the requirements of the Securities and Exchange Commission's Regulations S-K and S-X (17 CFR parts 229 and 210). (2) Information about each Bank shall be presented as a segment of the Bank System as if Statement of Financial Accounting Standards No. 131, titled “Disclosures about Segments of an Enterprise and Related Information” (FASB 131) applied to the combined annual and quarterly financial reports of the Bank System. (3) The standards set forth in paragraphs (b)(1) and (2) of this section are subject to the exceptions set forth in the Appendix to this part. (4) The combined Bank System annual report shall be filed with the Finance Board and distributed to each Bank and Bank member within 90 days after the end of the fiscal year. The combined Bank System quarterly reports shall be filed with the Finance Board and distributed to each Bank and Bank member within 45 days after the end of the first three fiscal quarters of each year. (5) The Finance Board in its sole discretion shall determine whether or not a combined Bank System annual or quarterly financial report complies with the standards of this part. (6) The OF board of directors shall comply promptly with any directive of the Finance Board regarding the preparation, filing, amendment or distribution of the combined Bank System annual or quarterly financial reports. (7) Nothing in this section shall create or be deemed to create any rights in any third party. (c) Capital markets data. The OF board of directors shall provide capital markets information concerning debt to the Banks. (d) NRSROs. The OF board of directors shall manage relationships with NRSROs in connection with their rating of consolidated obligations. (e) Research. The OF shall conduct research reasonably related to the issuance or servicing of consolidated obligations. (f) Monitor Banks' credit exposure. The OF shall timely monitor each Bank's and the Bank System's unsecured credit exposure to individual counterparties. [65 FR 36300, June 7, 2000, as amended at 67 FR 12855, Mar. 20, 2002]
Title 12: Banks and Banking
PART 985—THE OFFICE OF FINANCE
§ 985.6 Debt management duties of the OF.
