[Federal Register Volume 81, Number 170 (Thursday, September 1, 2016)]
[Notices]
[Pages 60410-60411]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21064]


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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 2016 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 Annual Report of U.S. Ownership of Foreign 
Securities, including Selected Money Market Instruments. The next such 
collection is a benchmark survey to be conducted as of December 31, 
2016.

DATES: Written comments should be received on or before October 31, 
2016 to be assured of consideration.

[[Page 60411]]


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: https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shc. The proposed forms and instructions are unchanged from the 
previous survey that was conducted as of December 31, 2015 
(SHCA(2015)), except that (a) the ``who must report'' section of the 
instructions is designed for a benchmark survey, and (b) the ``Current 
Actions'' below are included in the instructions. 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 part of the Treasury International 
Capital (TIC) 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. 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 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: No changes in the forms will be made from the 
previous survey that was conducted as of December 31, 2015. The 
proposed changes in the instructions are: (1) An increase in the 
exemption level (the threshold for reporting) for filing schedules 2 
and 3 under this mandatory survey will be increased from $100 million 
to $200 million; and (2) some clarifications of existing instructions 
may be made in the instructions. The changes will reduce the total 
burden on data filers.
    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 306, but this varies widely from about 785 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 174 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 when 
filing schedules 2 or 3 or both, for custodians and for end-investors 
is the holding of less than $200 million in reportable foreign 
securities owned by U.S. residents. For schedule 2, end-investors 
should exclude securities that are held with their unaffiliated U.S.-
resident custodians.
    Estimated Total Annual Burden Hours: An annual average (over five 
years) of 53,260 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. 2016-21064 Filed 8-31-16; 8:45 am]
BILLING CODE 4810-25-P