---
kind: "section"
citation: "31 C.F.R. § 356.22"
title: "31"
number: "356.22"
heading: "Does the Treasury have any limitations on auction awards?"
url: "https://uscodex.org/cfr/31/356.22"
---

# §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](/cfr/31/356.13.md). 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)](/cfr/31/356.15.md?p=c).), we will use this combined amount for the purpose of this 35 percent award limit.

## Notes

### Amendments

[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]

### Authority

Authority: 5 U.S.C. 301; 31 U.S.C. 3102, et seq.; 12 U.S.C. 391.

### Source

Source: 69 FR 45202, July 28, 2004, unless otherwise noted.

### Amendments

[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]