---
kind: "section"
citation: "31 C.F.R. § 356.33"
title: "31"
number: "356.33"
heading: "Does the Treasury have any discretion in the auction process?"
url: "https://uscodex.org/cfr/31/356.33"
---

# §356.33. Does the Treasury have any discretion in the auction process?

- (a) **We have the discretion to—**
  - (1) Accept, reject, or refuse to recognize any bids submitted in an auction;
  - (2) Award more or less than the amount of securities specified in the auction announcement;
  - (3) Waive any provision of this part for any bidder or submitter; and
  - (4) **Change the terms and conditions of an auction.**
- (b) **Our decisions under this part are final.** We will provide a public notice if we change any auction provision, term, or condition.
- (c) We reserve the right to modify the terms and conditions of new securities and to depart from the customary pattern of securities offerings at any time.

## Notes

### 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.