20 NCAC 07 .0505             ADDITIONAL MONTHLY REPORTING REQUIREMENTS

In the case of the Pooling Method, the State Treasurer may at any time and at his own discretion direct the depository to file a report in the same format as the Quarterly Report required by Rule .0501(b), but on a monthly basis.  However, the monthly reporting directive shall be required under any one of the following circumstances:

(1)           A required report is repeatedly not filed timely.

(2)           A required report is filed with a material error.

(3)           A Quarterly Report required by Rule .0501(b) is filed indicating that "excess" collateral pledged is less than 10 percent of the amount required by Rule .0202.

(4)           The depository has been notified that the State Treasurer has invoked Rule .0202(e), requiring additional collateral.

Such monthly reporting directive shall be effective for a period of six months, after which time the depository may resume quarterly reporting.  However, subsequent violations shall extend the period of monthly reporting as set forth in this Rule.

History Note:        Authority G.S. 115C‑444(b); 147‑79; 159‑31(b);

Eff. September 1, 1988;

Amended Eff. April 1, 1994;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016.