[Federal Register Volume 79, Number 125 (Monday, June 30, 2014)]
[Notices]
[Pages 36871-36872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-15233]


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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 revisions in 2014 of a currently 
approved information collection that is 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 revision of the Treasury International Capital (TIC) Form SHC/SHCA.

DATES: Written comments should be received on or before August 29, 2014 
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 form and 
instructions are available at Part II of the Treasury International 
Capital (TIC) Forms Web page ``Forms SHL/SHLA & SHC/SHCA'', at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shc. Requests for additional information should be directed to 
Mr. Wolkow.

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 used to conduct annual surveys of U.S. 
residents' ownership of foreign securities for portfolio investment 
purposes. 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.
    The data collection includes 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

[[Page 36872]]

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 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 Form 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, 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, organized by 
schedule:

    The following changes apply to Schedule 1: Reporter Contact 
Information and Summary of Financial Information:
    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.
    e. ``Industrial Classification Code'' is replaced with 
``Reporter Type''.
    The following changes apply to Schedule 2: Details of 
Securities:
    a. Minor changes in wording throughout to remove instruction 
comments.
    b. Lines are renumbered.
    c. The line for ``Security ID System'' is now consistent across 
Forms SHC/SHCA and SHL/SHLA. The new categories are: 1 = CUSIP, 2 = 
ISIN, 3 = CINS, 4 = Common Code, 5 = SEDOL, 6 = Internally 
Generated, and 7 = Other.
    d. ''Face Value in Currency of Denomination'' for non-asset-
backed securities and ``Remaining Principal Outstanding in Currency 
of Denomination'' for asset-backed securities are replaced by ``Face 
Value or Remaining Principal Outstanding in the Currency of 
Denomination'' for all debt securities.
    e. The separate ``Issue Date'' and ``Maturity Date'' for non-
Asset-Backed Securities and Asset-Backed Securities are replaced by 
``Issue Date'' and ``Maturity Date'' for all debt securities.
    f. The ``Term Indicator'' line is eliminated.
    g. The ``Intentionally Left Blank'' lines are eliminated.
    h. ``Market value'' is replaced by ``Fair value''
    i. A new item requires reporters to specify whether they are 
reporting the security as ``End-investors'' or ``Custodians''.
    j. ``Security Type'' is now consistent with Form SHL/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''. ``Zero-coupon & stripped 
security'' is replaced by ``''Zero-coupon bond or note''.
    k. ``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.
    l. ``Type of Foreign Issuer'' is added to identify if the 
security is issued by ``Foreign Official Institutions'' or ``All 
Other Foreigners''.
    The following changes apply to Schedule 3: Custodians Used:
    a. Minor changes in wording throughout to remove instruction 
comments.

    Type of Review: Revision of currently approved data collection.
    Affected Public: Business/Financial Institutions.
    Form: TIC SHC/SHCA, Schedules 1, 2 and 3 (1505-0146).
    Estimated Number of Respondents: 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: 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: 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. 2014-15233 Filed 6-27-14; 8:45 am]
BILLING CODE 4810-25-P