[Federal Register Volume 79, Number 125 (Monday, June 30, 2014)]
[Notices]
[Pages 36871-36872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-15233]
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DEPARTMENT OF THE TREASURY
Departmental Offices
Proposed Collection; Comment Request
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork burdens, invites the general public and
other Federal agencies to comment on revisions in 2014 of a currently
approved information collection that is proposed for approval by the
Office of Management and Budget. The Office of International Affairs
within the Department of the Treasury is soliciting comments concerning
the revision of the Treasury International Capital (TIC) Form SHC/SHCA.
DATES: Written comments should be received on or before August 29, 2014
to be assured of consideration.
ADDRESSES: Direct all written comments to Dwight Wolkow, International
Portfolio Investment Data Systems, Department of the Treasury, Room
5422 MT, 1500 Pennsylvania Avenue NW., Washington, DC 20220. In view of
possible delays in mail delivery, you may also wish to send a copy to
Mr. Wolkow by email ([email protected]) or FAX (202-622-2009).
Mr. Wolkow can also be reached by telephone (202-622-1276).
FOR FURTHER INFORMATION CONTACT: Copies of the proposed form and
instructions are available at Part II of the Treasury International
Capital (TIC) Forms Web page ``Forms SHL/SHLA & SHC/SHCA'', at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shc. Requests for additional information should be directed to
Mr. Wolkow.
SUPPLEMENTARY INFORMATION:
Title: Treasury International Capital (TIC) Form SHC/SHCA ``U.S.
Ownership of Foreign Securities, including Selected Money Market
Instruments.''
OMB Control Number: 1505-0146.
Abstract: Form SHC/SHCA is used to conduct annual surveys of U.S.
residents' ownership of foreign securities for portfolio investment
purposes. These data are used by the U.S. Government in the formulation
of international financial and monetary policies, and for the
computation of the U.S. balance of payments accounts and of the U.S.
international investment position. These data are also used to provide
information to the public and to meet international reporting
commitments. The SHC/SHCA survey is part of an internationally
coordinated effort under the auspices of the International Monetary
Fund to improve data on securities worldwide. Most of the major
industrial and financial countries conduct similar surveys.
The data collection includes large benchmark surveys conducted
every five years, and smaller annual surveys conducted in the non-
benchmark years. The data collected under an annual survey are used in
conjunction with the results of the preceding benchmark survey to make
economy-wide estimates for that non-benchmark year. Currently, the
determination of who must report in the annual surveys is based
primarily on
[[Page 36872]]
the data submitted during the preceding benchmark survey. The data
requested in the annual survey will generally be the same as requested
in the preceding benchmark report. Form SHC is used for the benchmark
survey of all significant U.S.-resident custodians and end-investors
regarding U.S. ownership of foreign securities. In non-benchmark years
Form SHCA is used for the annual surveys of primarily the very largest
U.S.-resident custodians and end-investors.
Current Actions: The proposed changes will: (1) Modify the
determination of who must report on the annual surveys to include
consideration of those filing the monthly TIC Form SLT report; (2)
streamline Form SHC/SHCA to provide consistency among the annual
surveys and the TIC SLT (details of the changes follow below); and (3)
update and clarify the instructions, including updating how to submit
reports and the line-by-line instructions. The changes will improve
overall survey reporting.
The remainder of the Current Actions section shows in more detail
the proposed changes to streamline Form SHC/SHCA, organized by
schedule:
The following changes apply to Schedule 1: Reporter Contact
Information and Summary of Financial Information:
a. Minor changes in wording concerning the reporter's
identification number, name, and contacts.
b. Lines that previously lacked numbers now have them, resulting
in renumbering of subsequent lines.
c. In ``Reporter Type'', ``Banks'' is replaced with ``Depository
Institution'', ``Mutual fund or investment trust'' is replaced with
``Fund/Fund Manager/Sponsor (excluding pension fund)'', and ``Other
Financial Organization'' is specified to include ``BHCs (Bank
Holding Companies) and FHCs (Financial Holding Companies).''
d. The line for a contact fax number is eliminated.
e. ``Industrial Classification Code'' is replaced with
``Reporter Type''.
The following changes apply to Schedule 2: Details of
Securities:
a. Minor changes in wording throughout to remove instruction
comments.
b. Lines are renumbered.
c. The line for ``Security ID System'' is now consistent across
Forms SHC/SHCA and SHL/SHLA. The new categories are: 1 = CUSIP, 2 =
ISIN, 3 = CINS, 4 = Common Code, 5 = SEDOL, 6 = Internally
Generated, and 7 = Other.
d. ''Face Value in Currency of Denomination'' for non-asset-
backed securities and ``Remaining Principal Outstanding in Currency
of Denomination'' for asset-backed securities are replaced by ``Face
Value or Remaining Principal Outstanding in the Currency of
Denomination'' for all debt securities.
e. The separate ``Issue Date'' and ``Maturity Date'' for non-
Asset-Backed Securities and Asset-Backed Securities are replaced by
``Issue Date'' and ``Maturity Date'' for all debt securities.
f. The ``Term Indicator'' line is eliminated.
g. The ``Intentionally Left Blank'' lines are eliminated.
h. ``Market value'' is replaced by ``Fair value''
i. A new item requires reporters to specify whether they are
reporting the security as ``End-investors'' or ``Custodians''.
j. ``Security Type'' is now consistent with Form SHL/SHLA.
``Unstripped bond or note and all other asset-backed debt'' is
replaced by security types ``Bond or note, unstripped'', ``Bond or
note, stripped'', and ``All other debt''. ``Zero-coupon & stripped
security'' is replaced by ``''Zero-coupon bond or note''.
k. ``Ownership Code'' is replaced with ``Type of U.S. Owner''. A
new, more precise system of categories replaces the old categories.
The new categories are: 1 = Depository Institution; 2 = Fund or
Other Investment Vehicle (excluding pension and mutual funds); 3 =
Pension Fund; 4 = Mutual Fund, 5 = Insurance Company; 6 = Other
Financial Organization (including BHC and FHC); 7 = Nonfinancial
Organization.
l. ``Type of Foreign Issuer'' is added to identify if the
security is issued by ``Foreign Official Institutions'' or ``All
Other Foreigners''.
The following changes apply to Schedule 3: Custodians Used:
a. Minor changes in wording throughout to remove instruction
comments.
Type of Review: Revision of currently approved data collection.
Affected Public: Business/Financial Institutions.
Form: TIC SHC/SHCA, Schedules 1, 2 and 3 (1505-0146).
Estimated Number of Respondents: An annual average (over five
years) of 341, but this varies widely from about 955 in benchmark years
(once every five years) to about 190 in other years (four out of every
five years).
Estimated Average Time per Respondent: An annual average (over five
years) of about 169 hours, but this will vary widely from respondent to
respondent. (a) In the year of a benchmark survey, which is conducted
once every five years, it is estimated that exempt respondents will
require an average of 17 hours; custodians of securities providing
security-by-security information will require an average of 361 hours,
but this figure will vary widely for individual custodians; end-
investors providing security-by-security information will require an
average of 121 hours; and end-investors and custodians employing U.S.
custodians will require an average of 41 hours. (b) In a non-benchmark
year, which occurs four years out of every five years: Custodians of
securities providing security-by-security information will require an
average of 546 hours (because only the largest U.S.-resident custodians
will report), but this figure will vary widely for individual
custodians; end-investors providing security-by-security information
will require an average of 146 hours; and reporters entrusting their
foreign securities to U.S. custodians will require an average of 49
hours. The exemption level, which applies only in benchmark years, for
custodians is the holding of less than $100 million in foreign
securities and for end-investors the owning of less than $100 million
in foreign securities with a single custodian.
Estimated Total Annual Burden Hours: An annual average (over five
years) of 57,630 hours.
Frequency of Response: Annual.
Request For Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record. The public is invited to submit written comments
concerning: (a) Whether the Survey is necessary for the proper
performance of the functions of the Office of International Affairs
within the Department of the Treasury, including whether the
information collected will have practical uses; (b) the accuracy of the
above estimate of the burdens; (c) ways to enhance the quality,
usefulness and clarity of the information to be collected; (d) ways to
minimize the reporting and/or record keeping burdens on respondents,
including the use of information technologies to automate the
collection of the data requested; and (e) estimates of capital or
start-up costs of operation, maintenance and purchase of services to
provide the information requested.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2014-15233 Filed 6-27-14; 8:45 am]
BILLING CODE 4810-25-P