---
kind: "section"
citation: "31 C.F.R. § 375.11"
title: "31"
number: "375.11"
heading: "Who may participate in a redemption operation?"
url: "https://uscodex.org/cfr/31/375.11"
---

# §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.

## Notes

### Authority

Authority: 5 U.S.C. 301; 31 U.S.C. 321; 31 U.S.C. 3111; 12 U.S.C. 391.

### Source

Source: 65 FR 3116, Jan. 19, 2000, as amended at 91 FR 15541, Mar. 30, 2026, unless otherwise noted.