[Federal Register Volume 76, Number 123 (Monday, June 27, 2011)]
[Notices]
[Pages 37403-37404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15924]
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DEPARTMENT OF THE TREASURY
Treasury International Capital Form SLT: Report of Aggregate
Holdings of Long-Term Securities by U.S. and Foreign Residents
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice of reporting requirements.
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SUMMARY: By this Notice, the Department of the Treasury is informing
the public that it is conducting a mandatory monthly collection of
information on cross-border ownership by U.S. and foreign residents of
long-term securities for portfolio investment purposes. This mandatory
collection is conducted under the authority of 22 U.S.C. 286f; 22
U.S.C. 3103; E.O. 11961; E.O. 10033; and 31 CFR part 128. This Notice
constitutes legal notification to all United States persons (defined
below) who are in the reporting panel set forth in this Notice that
they must respond to, and comply with, this collection of information.
Copies of the Form SLT report and instructions may be printed from the
Internet at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms.aspx.
Definition: A U.S. person is any individual, branch, partnership,
associated group, association, estate, trust, corporation, or other
organization (whether or not organized under the laws of any State),
and any government
[[Page 37404]]
(including a foreign government, the United States Government, a State
or local government, and any agency, corporation, financial
institution, or other entity or instrumentality thereof, including a
government-sponsored agency), who resides in the United States or is
subject to the jurisdiction of the United States.
Who Must Report: The reporting panel for the Form SLT consists of
all U.S. persons who are U.S.-resident custodians (including U.S.-
resident central securities depositories), U.S.-resident issuers of
U.S. securities, or U.S.-resident end-investors in foreign securities,
where for each reporting entity, the consolidated total of all
reportable long-term U.S. and foreign securities on the last business
day of the reporting month has a total fair value equal to or more than
the exemption level. The exemption level is $1 billion. This
consolidated total includes amounts held for a reporting entity's own
account and for customers. The reporting entity should include
reportable securities for all U.S.-resident parts of the reporting
entity, including all U.S. subsidiaries and affiliates of the reporting
entity and investment companies, trusts, and other legal entities
created by the reporting entity. U.S.-resident entities include the
affiliates in the United States of foreign entities. A custodian is a
bank or other entity that manages or administers the custody or
safekeeping of securities or other assets for institutional or private
investors. End-investors include funds and investment managers.
What to Report: Reportable long-term securities (including
equities) include: (1) U.S. securities held by U.S.-resident custodians
on behalf of foreign residents; (2) foreign securities held by U.S.-
resident custodians on behalf of U.S. residents; (3) U.S. securities
issued by U.S.-resident issuers in foreign markets and held directly by
foreign residents, i.e., where no U.S.-resident custodian or U.S.-
resident central securities depository is used by the U.S.-resident
issuer; and (4) foreign securities held directly by U.S.-resident end-
investors, i.e., where no U.S.-resident custodian is used by the U.S.-
resident end-investor. Securities held as part of a direct investment
relationship should not be reported.
How to Report: Form SLT consists of Parts A and B. Part A is
required to be completed by U.S.-resident custodians. Part B is
required to be completed by U.S.-resident issuers and U.S.-resident
end-investors, including funds and investment managers. If a reporting
entity is both a U.S.-resident custodian and a U.S.-resident issuer
and/or a U.S.-resident end-investor, then both Parts A and B must be
completed. Copies of the Form SLT report and instructions, which
contain complete information on reporting procedures and definitions,
may be obtained at the Web site address given above in the Summary, or
by contacting the SLT staff of the Federal Reserve Bank of New York at
(212) 720-6300 or (646) 720-6300, or by contacting the District Federal
Reserve Bank. Reporting entities that are banks, depository
institutions, bank holding companies or financial holding companies
(BHCs/FHCs) should file their reports with the Federal Reserve Bank of
the District in which the reporting entity is located, unless
instructed otherwise by their District Federal Reserve Bank. All other
reporting entities should file their reports with the Federal Reserve
Bank of New York (FRBNY), regardless of where they are located. The
mailing address is: Federal Reserve Bank of New York, Statistics
Function, 4th Floor, 33 Liberty Street, New York, NY 10045-0001.
Inquiries also may be made to Dwight Wolkow by telephone (202) 622-
1276, or by e-mail: [email protected].
When to Report: In any month in which the consolidated total of all
reportable long-term U.S. and foreign securities for a reporting entity
has a total fair value equal to or more than the exemption level on the
last business day of that month (the ``as-of date''), that reporting
entity must submit the Form SLT report for that month. In addition, the
reporting entity also must report on Form SLT for each remaining month
in that calendar year, regardless of the consolidated total of
reportable long-term U.S. and foreign securities held in any subsequent
month. The Form SLT report must be submitted to the Federal Reserve
Bank no later than the 23rd calendar day of the month following the
report as-of date. If the due date of the report falls on a weekend or
holiday, the Form SLT report should be submitted the following business
day. These mandatory reporting requirements will be phased in during
2011. In 2011, the Form SLT will be required to be submitted quarterly
as of September 30 and December 30, with the mandatory monthly
reporting on Form SLT beginning with the report as of January 31, 2012.
Paperwork Reduction Act Notice: This data collection has been
approved by the Office of Management and Budget (OMB) in accordance
with the Paperwork Reduction Act and assigned control number 1505-0235.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a valid
control number assigned by OMB. The estimated average burden associated
with this collection of information, when fully implemented, is 11.4
hours per respondent per filing. The estimated average burden per
respondent varies widely from about 17 hours for a U.S.-resident
custodian filing Part A and Part B to about six and one half hours for
a U.S.-resident issuer or U.S.-resident end-investor filing Part B.
Comments concerning the accuracy of this burden estimate and
suggestions for reducing this burden should be directed to the
Department of the Treasury, Attn: Administrator, International
Portfolio Investment Data Reporting Systems, Room 5422, Washington, DC
20220, and to OMB, Attn: Desk Officer for the Department of the
Treasury, Office of Information and Regulatory Affairs, Washington, DC
20503.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Reporting
Systems.
[FR Doc. 2011-15924 Filed 6-24-11; 8:45 am]
BILLING CODE 4810-25-P