[Federal Register Volume 71, Number 61 (Thursday, March 30, 2006)]
[Notices]
[Pages 16188-16189]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-4632]


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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 revision of a currently approved 
information collection that is due 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 Annual 
Report of U.S. Ownership of Foreign Securities, including Selected 
Money Market Instruments. The next such survey is to be conducted as of 
December 29, 2006.

DATES: Written comments should be received on or before May 30, 2006 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, please also notify Mr. Wolkow of all 
comments submitted through mail delivery by e-mail 
([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 International Capital (TIC) 
Forms Web page, http://www.treas.gov/tic/forms-sh.htm. Requests for 
additional information should be directed to Mr. Wolkow.

SUPPLEMENTARY INFORMATION:
    Title: Treasury Department Forms SHC and SHCA, U.S. Ownership of 
Foreign Securities, including Selected Money Market Instruments.
    OMB Number: 1505-0146.
    Abstract: These forms are used to conduct annual surveys of 
holdings by U.S. residents of foreign securities for portfolio 
investment purposes. A benchmark survey (Form SHC) of all significant 
U.S.-resident custodians and end-investors is conducted every five 
years; in non-benchmark years, the annual survey (Form SHCA) requires 
reports generally from only the very largest U.S.-resident custodians 
and end-investors. Data derived from these surveys are used by the U.S. 
Government in the formulation of international and financial policies 
and in the computation of the U.S. balance of payments accounts and of 
the U.S. international investment position. These data will also be 
used to provide information to the public.
    These surveys are also part of an internationally coordinated 
effort under the auspices of the International Monetary Fund to improve 
data on securities worldwide. Most major industrial and financial 
countries conduct similar surveys.
    Current Actions: (a) Reduce the number of debt security types in 
schedule 2, line 7, from security types 5 through 12 to the following 
security types 5 through 10: 5 = commercial paper; 6 = negotiable CDs; 
7 = convertible debt securities; 8 = zero coupon and stripped 
securities; 9 = unstripped bond or note and all other non asset-backed 
debt; and 10 = asset-backed securities; (b) Add a new item in schedule 
2 to collect the term (short-term or long-term) of the debt security. 
The title of line 10, ``Intentionally left blank'' is changed to ``Term 
indicator (only for debt, including ABS) based on original maturity''. 
Together, actions (a) and (b) separate the term from the security type 
attributes, similar to the treatment in TIC's other annual survey, 
Foreign Portfolio Holdings of U.S. Securities (SHL/SHLA); (c) to 
clarify the reporting instructions for schedule 2, the instructions for 
line 13, ``ownership code'' are changed to distinguish ``other'' 
(option 5) and ``unknown'' (option 6) as follows: ``Option 5: Your 
organization is the custodian and the beneficial owner is identified as 
a U.S.-resident who is not a mutual fund, pension fund, or insurance 
company (which are reported in codes 2 through 4). When your 
organization is the custodian and cannot identify the entity type of 
the beneficial owner, the ownership code should be reported as option 
6. Option 6: Your organization is the custodian and the entity type of 
the beneficial owner is unknown.''; (d) on schedule 2, eliminate the 
requirement that the reason for reporting a zero U.S. market value for 
a particular security holding be provided. The title of Line 15 is 
therefore changed to ``Intentionally left blank'', leaving unchanged 
the electronic file format of schedule 2; (e) eliminate requirement, 
for Form SHC only, that schedule 3 be filed for custodian code 77 
(foreign-resident custodians) and custodian code 88 (U.S.-resident 
central securities depositories). This will reduce reporting on 
schedule 3 of information already reported on schedule 2. Accordingly, 
the instructions for SHC will not include codes 77 and 88 in appendix 
G, and will not mention codes 77 and 88 in paragraph 3 of section IV.C 
in the line-by-line instructions for schedule 3. Please note that the 
requirement remains for schedule 3 of Form SHCA, so those changes will 
not be made in the instructions for Form SHCA; and (f) these changes 
will be effective beginning with the reports as of December 29, 2006.
    Type of Review: Revision of a currently approved data collection.

[[Page 16189]]

    Affected Public: Business/Financial Institutions.
    Forms: TDF SHC, Schedules 1, 2 and 3 (1505-0146); TDF SHCA, 
Schedules 1, 2 and 3 (1505-0146).
    Estimated Number of Respondents: An annual average (over five 
years) of 505, but this varies widely from about 1,635 in benchmark 
years (once every five years) to about 220 in other years (four out of 
every five years).
    Estimated Average Time per Respondent: An annual average (over five 
years) of about 84 hours, but this will vary widely from respondent to 
respondent. (a) In the year of a benchmark survey (using Form SHC), 
i.e., once every five years, it is estimated that exempt respondents 
will require an average of 16 hours; custodians of securities providing 
security-by-security information will require an average of 360 hours, 
but this figure will vary widely for individual custodians; end-
investors providing security-by-security information will require an 
average of 120 hours; and end-investors and custodians employing U.S. 
custodians will require an average of 40 hours. (b) In a non-benchmark 
year (using Form SHCA), i.e., four years out of every five years, 
custodians of securities providing security-by-security information 
will require an average of 700 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 145 hours; and reporters 
entrusting their foreign securities to U.S. custodians will require an 
average of 48 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 42,500 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. E6-4632 Filed 3-29-06; 8:45 am]
BILLING CODE 4810-25-P