| (a) The comptroller will, as the designated agent of the public entity, monitor collateral pledged as part of the program and approve as appropriate, the pledge and withdrawal of collateral into and out of the custodian trustee account for pooled collateral. (b) The comptroller will post procedures for pledging acceptable collateral on its website. The procedures will address the following: (1) the pledge of acceptable collateral by the participating depository institution; (2) the comptroller's review of the proposed pledge of collateral and notification to a participating depository institution if the proposed pledge is not approved; (3) the comptroller's authorization to the custodian trustee to accept the pledge of collateral; and (4) the custodian trustee's identification of the pledge of collateral on its books and records and issuance of a safekeeping trust receipt to the comptroller in an acceptable manner. (c) The comptroller will post procedures for withdrawal of collateral on its website. The procedures will address the following: (1) notice by the participating depository institution of the proposed withdrawal of collateral from its pooled collateral program pool; (2) the comptroller's review of the proposed withdrawal of collateral and notification to the participating depository institution if the comptroller rejects the withdrawal of collateral; (3) the comptroller's authorization to the custodian trustee to allow the withdrawal of collateral; and (4) the custodian trustee's acknowledgement to the comptroller of receipt of approval to withdraw collateral and confirmation of the withdrawal. |
