[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11399-11400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03396]
[[Page 11399]]
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DEPARTMENT OF THE TREASURY
Proposed Collections; Comment Requests
AGENCY: Departmental Offices; Department of the Treasury.
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 the revision of an information
collection that is to be proposed for approval by the Office of
Management and Budget. The Office of International Affairs of the
Department of the Treasury is soliciting comments concerning Treasury
International Capital Form S, Purchases and Sales of Long-Term
Securities by Foreign Residents.
DATES: Written comments should be received on or before April 24, 2017
to be assured of consideration.
ADDRESSES: Direct all written comments to Dwight Wolkow, International
Portfolio Investment Data Systems, Department of the Treasury, Room
5422, 1500 Pennsylvania Avenue NW., Washington, DC 20220. In view of
possible delays in mail delivery, please also notify Mr. Wolkow by
email ([email protected]), FAX (202-622-2009) or telephone
(202-622-1276).
FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and
instructions are available on the Treasury's TIC Forms Web page,
https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/index.aspx. Requests for additional information should be directed to
Mr. Wolkow.
SUPPLEMENTARY INFORMATION:
Title: Treasury International Capital Form S, Purchases and Sales
of Long-term Securities by Foreign-Residents.
OMB Control Number: 1505-0001.
Abstract: Form S is part of the Treasury International Capital
(TIC) reporting system, which is required by law (22 U.S.C. 286f; 22
U.S.C. 3103; E.O. 10033; 31 CFR 128), and is designed to collect timely
information on international portfolio capital movements. Form S is a
monthly report used to cover transactions in long-term marketable
securities undertaken directly with foreigners by banks, other
depository institutions, brokers, dealers, underwriting groups, funds
and other individuals and institutions. This information is used by the
U.S. Government in the formulation of international financial and
monetary policies and for the analysis of the U.S. balance of payments
accounts.
Current Actions: (1) The section II.A ``Who Must Report'' and the
section II.E.1.e ``What Must Be Reported'' of the instructions are
updated to list out separately ``certain private funds'', which are a
subgroup of the class of financial entities defined by the Securities
and Exchange Commission as private funds on Form PF: ``any issuer that
would be an investment company as defined in section 3 of the
Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of .
. . [that] Act.''. In cooperation with the Bureau of Economic Analysis
(BEA) effective for TIC reports beginning as of January 2017 and
afterwards, reporters of investments in private funds that meet the
definition of direct investment (that is, ownership by one person of 10
percent or more of the voting interest of a business enterprise) but
display characteristics of portfolio investment (specifically,
investors who do not intend to control or influence the management of
an operating company) are required to report through the Treasury
International Capital (TIC) reporting system, where other related
portfolio investments are already being reported, and not to report on
BEA's direct investment surveys. Specifically, cross-border investments
by or into private funds are included in TIC reports regardless of
ownership share if they meet BOTH of the following two criteria: (i)
The private fund does not own, directly or indirectly through another
business enterprise, an ``operating company''--i.e., a business
enterprise that is not a private fund or a holding company--in which
the U.S. or foreign parent owns at least 10 percent of the voting
interest, and (ii) If the private fund is owned indirectly (through one
or more other business enterprises), there are no ``operating
companies'' between the U.S. or foreign parent and the indirectly-owned
private fund. Direct investment in operating companies, including
investment by and through private funds, will continue to be reported
to BEA. This change aligns the U.S. direct investment and portfolio
investment data more closely with the intent of the investment with
respect to management control. In addition, it reduces burden for
respondents, many of whom previously reported both to the TIC reporting
system and to BEA's direct investment reporting system. Note: This
change applies also to these other TIC forms if the reporting
requirements of the form are met: BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3, D,
SLT, SHC(A) and SHL(A). (2) The section II.A ``Who Must Report'' of the
instructions is updated to list out separately ``principal trading
firms'' and ''fund administrators'', (3) The section II.A ``Who Must
Report'' and section II.B ``Consolidation Rules'' of the instructions
are updated to list out separately Intermediate Holding Companies
(IHCs), as defined by Regulation YY, 12 CFR 252, and to clarify that
IHCs should follow the same consolidation rules that are applicable to
Bank Holding Companies (BHCs), Financial Holding Companies (FHCs), and
Savings and Loan Holding Companies. The Regulation YY was effective by
January 1, 2015, and IHCs are filing TIC reports; this update will
formalize their reporting requirements. (4) The section II.E.2.f ``What
Must Be Reported'' of the instructions is updated to clarify that,
regarding securities involved in security lending agreements and
repurchase/resale (reverse repurchase) agreements, sales of the
underlying security collateral to other parties and the purchases of
such securities from other parties, undertaken in order to return the
security collateral to the lenders, must be reported. (5) The section
III.A.columns 1 & 2 ``Column by Column Instructions'' of the
instructions is updated to clarify that the stripped securities `teddy
bears' (TBRs), `tigers' (TIGRs), `cats' (CATS) and `cougars' (COUGRs)
should also be classified as U.S. Treasury securities. (6) The section
II.E. ``What Must Be Reported'' clarifies that long-term Treasury
securities are Bonds, Notes, TIPS, FRNs and Savings Bonds. (7) Some
other clarifications and format changes may be made to improve the
instructions.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Form: S (1505-0001).
Estimated Number of Respondents: 188.
Estimated Average Time per Respondent: Six and three tenth hours
per respondent per filing. This estimate includes the Current Actions
proposed above. The estimated average time per respondent varies from
10.8 hours for the approximately 30 major reporters to 5.4 hours for
the other reporters.
Estimated Total Annual Burden Hours: 14,130 hours, based on 12
reporting periods per year.
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 Form S is necessary for the proper performance
of the functions of the
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Office, including whether the information 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; and (e) estimates of capital or start-up
costs of operation, maintenance and purchase of services to provide
information.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2017-03396 Filed 2-21-17; 8:45 am]
BILLING CODE 4810-25-P