Notice2021-11599
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Treasury International Capital
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 2, 2021
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on this request.
Full Text
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<title>Federal Register, Volume 86 Issue 104 (Wednesday, June 2, 2021)</title>
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[Federal Register Volume 86, Number 104 (Wednesday, June 2, 2021)]
[Notices]
[Pages 29628-29629]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11599]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Treasury International Capital
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on this request.
DATES: Comments must be received on or before July 2, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Molly Stasko by emailing <a href="/cdn-cgi/l/email-protection#1d4d4f5c5d696f787c6e686f64337a726b"><span class="__cf_email__" data-cfemail="1747455657636572766462656e39707861">[email protected]</span></a>, calling (202)
622-8922, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Title: Treasury International Capital Form SLT, ``Aggregate
Holdings, Purchases and Sales, and Fair Value Changes of Long-Term
Securities by U.S. and Foreign Residents.''
OMB Control Number: 1505-0235.
Type of Review: Revision of a currently approved collection.
Description: Form SLT 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 SLT is a
monthly report on cross-border portfolio investment in long-term
marketable securities by U.S. and foreign residents. This information
is used by the U.S. Government in the formulation of international
financial and monetary policies and for the preparation of the U.S.
balance of payments accounts and the U.S. international investment
position.
Current Actions: (1) Justification: One important aim of this
revision of the SLT data collection is to create, for the first time, a
data collection of ``changes in fair value'' for the TIC securities
data. Users of TIC data often compare the change in the holdings of
long-term securities reported on the Form SLT, with the net purchases
(purchases less sales) of long-term securities reported on the Form S.
There is general agreement that the difference between the change in
holding and the net purchases is due largely to the change in fair
value of the securities, with less important factors making up the
remainder of the difference. In mathematical terms, ``Change in
holdings'' equals ``purchases less sales'' plus ``change in fair
value'' plus ``other factors''. Different assessments between TIC data
users often arise because each one has to create their own estimates of
the ``change in fair value'' despite lacking detailed information on
the holdings of, and transactions in, the many securities in the TIC
system. Another aim of this revision of the SLT data collection is to
obtain the three main data types (holdings, purchases and sales, and
change in fair value) from the same source. The result should greatly
improve the connections between the holdings data and the purchases and
sales data and the ``change in fair value'' data. Lastly, while there
is an increase in the reporting burden on custodians from the revision
of the SLT, after 2022 it is expected that this increase in burden will
be significantly offset by the decrease in burden when the Form S is
discontinued. (2) No changes are made in the collection of holdings
data; i.e., no changes are made in the columns and rows of the Form SLT
or in the instructions regarding the holdings of long-term securities.
In both the current and revised Form SLT there are eleven such columns
covering three types of foreign securities and four types of U.S.
securities, where for each type of U.S. security there is a column for
foreign-official-held and a separate column for other-foreign-held. (3)
To accomplish the aims in (1) above, both the Form SLT and the
instructions are expanded to add the collection of data on the total
change in the fair (market) value over the month for all securities
held at the end of the month for each type of long-term security. In
the Form SLT, one column is added for each of the 11 columns of
holdings mentioned in (2) above; in the instructions, sections II.F.4
and III.G are added. (4) To accomplish the aims in (1) above, both the
Form SLT and the instructions are expanded to add the collection of
data on U.S. purchases and U.S. sales of long-term securities by U.S.-
residents with foreign-residents; in the Form SLT, two columns are
added for each of the 11 columns of holdings mentioned in (2) above; in
the instructions, sections II.F.3, II.F.5, III.E and III.F are added.
(5) Note that while purchases and sales in the revised SLT data
collection appear to be generally the same as in the Form S data
collection, there are three important differences: (i) Purchases and
sales in the Form SLT are reported by the custodian or issuer or end-
investor that is also reporting the holdings, while in the Form S
purchases and sales are reported by a trader (e.g., broker-dealer,
prime broker, principal trading firm); (ii) the Form SLT data are
recorded from the U.S. point of view, while the Form S data are
recorded from the foreign point-of-view (e.g., Form SLT ``purchases''
are made by U.S. residents from foreign-residents, whereas Form S
``purchases'' are made by foreign-residents from U.S.-residents); and
(iii) purchases and sales of foreign securities in Form SLT are
recorded opposite the foreign country that issued the security, whereas
the Form S data are recorded opposite the country that purchased or
sold the security. The Form SLT data are much more informative about
U.S. claims on individual foreign countries. (6) The revised Form SLT
no longer has Parts A and B, where previously a custodian reported data
in part A and an issuer and/or end-investor reported data in part B. In
the revised Form SLT the reporting firm must check one or both of the
two boxes in the top-center section of the cover page to specify
whether the data is from a custodian or from an issuer and/or end-
investor or from both; see II.A in the instructions. So a firm that
reports data for both a custodian and an issuer/end-user can combine
both types of data into one report, and no longer needs to report
[[Page 29629]]
them separately in part A and part B. (7) To allow time for respondents
to revise their reporting systems, the revised form and instructions
are scheduled to become effective for reports as of November 2022. (8)
Until the revised form becomes effective in 2022, the currently-
approved Form SLT and instructions will continue to be in effect. (9)
The name of the revised Form SLT on the cover page and elsewhere is
expanded to ``Aggregate Holdings, Purchases and Sales, and Fair Value
Changes of Long-Term Securities by U.S. and Foreign Residents.'' Added
on the cover page under the name, is the phrase ``Effective for reports
beginning as of November 2022''. (10) After the revised Form SLT
becomes effective in November 2022, there will be a duplication of the
Purchase and Sales data with the Form S for roughly three months. This
period of overlap for comparison of the two sources of data will allow
the agencies to make any necessary adjustments to the revised Form SLT
and/or instructions. After the overlap period ends, and if the
purchases and sales data from the revised Form SLT are acceptable, then
the Form S will be discontinued. (11) Some other clarifications and
format changes may be made to improve the instructions.
Form: Treasury Form SLT.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 438.
Frequency of Response: Monthly.
Estimated Total Number of Annual Responses: 5,256.
Estimated Time per Response: Average 11.7 hours per respondent per
filing. The estimated average burden per respondent varies, from about
21.6 hours per filing for a U.S.-resident custodian to about 9.3 hours
for a U.S.-resident issuer or U.S.-resident end-investor.
Estimated Total Annual Burden Hours: 61,722 hours.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: May 27, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-11599 Filed 6-1-21; 8:45 am]
BILLING CODE 4810-AK-P
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