(a) This part applies to the conversion to book-entry of United States Treasury bearer corpora and detached bearer coupons.
(b) These instruments are accepted from depository institutions for conversion under the Bearer Corpora Conversion System (BECCS) and Coupons Under Book Entry Safekeeping (CUBES) programs.
(1) For coupons converted after November 1, 2000, these regulations supersede the terms and conditions governing CUBES set forth in the written ``Agreements to the Terms and Conditions Governing CUBES'' signed by depository institutions that previously participated in the CUBES program.
(2) Depository institutions that submit bearer corpora and detached bearer coupons are deemed to agree to the terms and conditions in this part and any other requirements we may prescribe.