Notice2024-25166
Proposed Collection; Comment Request
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
October 30, 2024
Issuing agencies
Treasury Department
Abstract
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 an information collection that is due for extension approval by the Office of Management and Budget. The Office of International Affairs of the Department of the Treasury is soliciting comments concerning extension with minor changes of the following form: Treasury International Capital Form SHC/SHCA "Survey of U.S. Ownership of Foreign Securities including Selected Money Market Instruments." The report is mandatory. The next such collection is the annual survey to be conducted as of December 31, 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 210 (Wednesday, October 30, 2024)</title>
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[Federal Register Volume 89, Number 210 (Wednesday, October 30, 2024)]
[Notices]
[Pages 86411-86412]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25166]
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DEPARTMENT OF THE TREASURY
Proposed Collection; Comment Request
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 an information collection that is
due for extension approval by the Office of Management and Budget. The
Office of International Affairs of the Department of the Treasury is
soliciting comments concerning extension with minor changes of the
following form: Treasury International Capital Form SHC/SHCA ``Survey
of U.S. Ownership of Foreign Securities including Selected Money Market
Instruments.'' The report is mandatory. The next such collection is the
annual survey to be conducted as of December 31, 2024.
DATES: Written comments should be received on or before December 30,
2024 to be assured of consideration.
ADDRESSES: Direct all written comments to Dwight Wolkow, International
Portfolio Investment Data Systems, Department of the Treasury, Room
1050 MT, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of
possible delays in mail delivery, please also notify Mr. Wolkow by
email (<a href="/cdn-cgi/l/email-protection#2b484446464e455f58197f62686b5f594e4a585e5952054c445d"><span class="__cf_email__" data-cfemail="5734383a3a3239232465031e1417232532362422252e79303821">[email protected]</span></a>), or telephone (202-622-1276).
FOR FURTHER INFORMATION CONTACT: Copies of the proposed form and
instructions are available on the Treasury's TIC Forms web page,
<a href="https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions/forms-shc#shc">https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions/forms-shc#shc</a>. Requests for
additional information should be directed to Mr. Wolkow
(<a href="/cdn-cgi/l/email-protection#284b4745454d465c5b1a7c616b685c5a4d495b5d5a51064f475e"><span class="__cf_email__" data-cfemail="096a6664646c677d7a3b5d404a497d7b6c687a7c7b70276e667f">[email protected]</span></a> or 202-622-1276).
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 part of the Treasury International
Capital (TIC)
[[Page 86412]]
reporting system, which is required by law (22 U.S.C. 3101 et seq.;
E.O. 11961; 31 CFR 129) and is used to conduct annual surveys of U.S.
residents' ownership of foreign securities for portfolio investment
purposes. 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. This information is also used to
provide information to the public and to meet international reporting
commitments. The SHC/SHCA survey contributes to an internationally
coordinated effort under the auspices of the International Monetary
Fund (IMF) to improve data on securities worldwide. More than 80
countries participate in the annual IMF Coordinated Portfolio
Investment Survey.
The data collection includes large benchmark surveys (Form SHC)
conducted every five years, and smaller annual surveys (Form SHCA)
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 and of recent reporting on TIC form SLT (``Aggregate
Holdings, Purchases and Sales, and Fair Value Changes of Long-Term
Securities by U.S. and Foreign Residents'') to make economy-wide
estimates for non-benchmark years. Currently, the determination of who
must report in the annual surveys is based primarily on the data
submitted during the preceding benchmark survey and on data submitted
on SLT reports in the survey year. 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: No changes in the forms (schedules) are being
proposed at this time. Some minor changes in the instructions are being
proposed, primarily to include clarifications requested by respondents
during their reporting for the 2022 and 2023 surveys. The minor changes
include: (1) necessary updates in the contact information, dates, links
to information, and appendix E, List of Currency Codes; (2)
clarifications about the handling of securities involved in repurchase
and securities lending arrangements in (i) section II.B; in (ii) the
second paragraph of section III; and in (iii) the description of
``Securities . . . temporarily received as collateral'' in section
III.B; (3) the clarification in item 6 of section IV.B that ISIN codes
are strongly preferred; (4) clarifications about the security types
mentioned in the form, such as in the beginning of section III.C and in
item 12 of section IV.B, where Type 4 is specified to include limited
partners (``LPs'') and similar companies that do not meet the
definition of funds; (5) the addition of ``Annuities'' in section
III.B, Do Not Report; and (6) numerous other clarifications achieved
through rewording and format changes to improve the instructions.
Type of Review: Extension, with minor changes, of a currently
approved collection.
Affected Public: Business or other for-profit organizations.
Form: SHC/SHCA, Schedules 1, 2 and 3 (1505-0146).
Estimated Number of Respondents: An annual average (over five
years) of 324, but this varies widely from about 760 in benchmark years
(once every five years) to about 215 in other years (four out of every
five years).
Estimated Average Time per Respondent: An annual average (over five
years) of about 200 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, it is estimated
that 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 for custodians
and for end-investors, that applies only in benchmark years when filing
schedules 2 or 3 or both, is the holding of less than $200 million in
reportable foreign securities owned by U.S. residents.
Estimated Total Annual Burden Hours: An annual average (over five
years) of 64,700 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, inter alia: (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; (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 Reporting
Systems.
[FR Doc. 2024-25166 Filed 10-29-24; 8:45 am]
BILLING CODE 4810-AK-P
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