Section 356.22 - Does the Treasury have any limitations on auction awards?(a)Awards to noncompetitive bidders. The maximum award to any noncompetitive bidder is $10 million. This limit does not apply to bidders bidding solely through a request to reinvest the proceeds of a maturing security held directly with Treasury.(b)Awards to competitive bidders. The maximum award is 35 percent of the offering amount less the bidder's net long position as reportable under § 356.13 . For example, in a note auction with a $10 billion offering amount, and therefore a maximum award of $3.5 billion, a bidder with a reported net long position of $1 billion could receive a maximum auction award of $2.5 billion. When the bids and net long positions of more than one person or entity must be combined, as is the case with investment advisers and controlled accounts (See § 356.15(c) .), we will use this combined amount for the purpose of this 35 percent award limit. 69 FR 45202 , July 28, 2004, as amended at 69 FR 53622 , Sept. 2, 2004; 70 FR 57440 , Sept. 30, 2005; 87 FR 40440 , July 7, 2022