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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of the Treasury
Chapter 20. Virginia Security for Public Deposits Act Regulations
1/25/2020

1VAC75-20-70. Valuation of Collateral.

Each qualified public depository shall value its securities for reporting purposes at current market value as of the close of business on the last banking day of the immediately preceding month. At all times the current market value of collateral must be equal to or greater than a depository's required collateral as defined in 1VAC75-20-30, 1VAC75-20-40 and 1VAC75-20-80 of this chapter. Current market value is defined as the market value of a security priced on a same day basis or no older than one business day. Business day is defined as the close of a commercial business at 5 p.m.

The State Treasurer, upon written notice to any or all qualified public depositories and eligible escrow agents, may require as deemed necessary for reporting purposes that certain securities that are difficult-to-value or subject to rapid declines in value or otherwise represent a risk of decrease in value be valued at a rate less than 100% of their market value.

Statutory Authority

§ 2.1-364 of the Code of Virginia.

Historical Notes

Derived from VR640-02 § 7, eff. November 18, 1993.

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