[Federal Register Volume 78, Number 60 (Thursday, March 28, 2013)]
[Notices]
[Pages 19073-19074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-07172]


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DEPARTMENT OF THE TREASURY


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 two currently 
approved information collections that are 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 revisions of the Treasury International Capital (TIC) Forms SHL/
SHLA and SHC/SHCA.

DATES: Written comments should be received on or before May 28, 2013 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 forms and 
instructions are available on the Treasury International Capital (TIC) 
Forms Web page for ``Forms SHL/SHLA & SHC/SHCA'', at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx. Requests for additional information should be directed to Mr. 
Wolkow.

SUPPLEMENTARY INFORMATION:
    Title: Treasury International Capital (TIC) Form SHL/SHLA 
``Foreign-Residents' Holdings of U.S. Securities, including Selected 
Money Market Instruments''; TIC Form SHC/SHCA ``U.S. Ownership of 
Foreign Securities, including Selected Money Market Instruments.''
    OMB Numbers: 1505-0123 (Form SHL/SHLA); 1505-0146 (Form SHC/SHCA).
    Abstract: These forms are used to conduct annual surveys of cross-
border holdings of securities for portfolio investment purposes--Form 
SHL/SHLA collects foreign-residents' holdings of U.S. securities; and 
Form SHC/SHCA collects U.S. residents' ownership of foreign securities. 
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.
    Both data collections have 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 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 SHL is used for the 
benchmark survey of all significant U.S.-resident custodians and U.S.-
resident issuers of securities regarding foreign-residents' holdings of 
U.S. securities. In non-benchmark years Form SHLA is used for the 
annual surveys of primarily the largest U.S.-resident custodians and 
issuers. 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 Forms SHL/SHLA and 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 for both forms, 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 and Form SHL/SHLA, 
organized by schedule:
    The following changes apply to Schedule 1: Reporter Contact 
Information and Summary of Financial Information:
    Changes for both Form SHCA and Form SHLA
    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.
    Form SHCA Changes (only)
    a. ``Industrial Classification Code'' is replaced with ``Reporter 
Type''.
    Form SHLA Changes (only)
    a. In ``Reporter Type,'' ``Pension Fund'' is added.
    The following changes apply to Schedule 2: Details of Securities:
    Changes for both Form SHCA and Form SHLA
    a. Minor changes in wording throughout to remove instruction 
comments.
    b. Lines are renumbered.

[[Page 19074]]

    c. The line for ``Security ID System'' is now consistent across 
Forms SHCA and SHLA. The new categories are: 1 = CUSIP, 2 = ISIN, 3 = 
CINS, 4 = Common Code, 5 = SEDOL, 6 = Internally Generated, and 7 = 
Other.
    d. The lines applying to debt securities (including asset-backed 
securities) are reorganized, though the substance of the information to 
be reported remains unchanged.
    e. The ``Term Indicator'' line is eliminated.
    f. The ``Intentionally Left Blank'' lines are eliminated.
    g. ``Market values'' is replaced by ``Fair values''.
    Form SHCA Changes (only)
    a. A new item requires reporters to specify whether they are 
reporting the security as ``End-investors'' or ``Custodians''.
    b. ``Security Type'' is now consistent with Forms 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''.
    c. ``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 
excluding Individual/Household; 7 = Individual or Household.
    d. ``Type of Foreign Issuer'' is added to identify if the security 
is issued by ``Foreign Official Institutions'' or ``All Other 
Foreigners''.
    Form SHLA Changes (only)
    a. Within ``Type of Issuer'', ``Other'' is eliminated and 
``Depository Institution,'' ``Other Financial Organization (including 
BHC and FHC),'' and ``Nonfinancial Organization'' are added.
    b. ``Issuer Code'' is replaced with ``Reporting as''.
    The following changes apply to Schedule 3 of Form SHCA: Custodians 
Used:
    a. Minor changes in wording throughout to remove instruction 
comments.
    Type of Review: Revision of two currently approved data 
collections.
    Affected Public: Business/Financial Institutions.
    Forms: TIC SHL/SHLA, Schedules 1 and 2 (1505-0123).
    TIC SHC/SHCA, Schedules 1, 2 and 3 (1505-0146).
    Estimated Number of Respondents: For Form SHLA, an annual average 
(over five years) of 191, but this varies widely from about 540 in 
benchmark years (once every five years) to about 104 in other years 
(four out of every five years). For Form SHCA, 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: For Form SHLA, an annual 
average (over five years) of about 168 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; for custodians of 
securities, the estimate is a total of 321 hours on average, but this 
figure will vary widely for individual custodians; and for issuers of 
securities that have data to report and are not custodians, the 
estimate is 61 hours on average. (b) In a non-benchmark year, which 
occurs four years out of every five years: For the largest custodians 
of securities, the estimate is a total of 486 hours on average; and for 
the largest issuers of securities that have data to report and are not 
custodians, the estimate is 110 hours on average.
    For Form SHCA, 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: For Form SHLA, an annual 
average (over five years) of 32,060 hours. For Form SHCA, 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. 2013-07172 Filed 3-27-13; 8:45 am]
BILLING CODE 4810-25-P