[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Pages 38208-38209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16636]


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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 2018 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 an annual survey to be conducted as of December 31, 2018.

DATES: Written comments should be received on or before October 2, 2018 
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: https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shc. The proposed forms (called schedules) are unchanged from 
the previous survey that was conducted as of December 31, 2017 
(SHCA(2017)). The ``Current Actions'' below are changes in the previous 
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 and of 
recent SLT reports 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 and on data submitted on SLT reports around 
June of 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 made from the previous 
survey that was conducted as of December 31, 2017. The proposed changes 
in the instructions are:
    (1) In section II.A.(2) ``Who Must Report/End-Investors'', new text 
is added to clarify reporting responsibilities; in particular that 
reporting (as end-investor) is the responsibility of the manager of a 
fund, partnership, trust, etc., if they have discretion over 
investments of the fund/partnership/trust/etc.;
    (2) In section II.A.(2) ``Who Must Report/End-Investors'', the 
terms ``limited partnerships and trusts'' are added in the third bullet 
in the list;
    (3) Section III.B/''direct investments'' is revised to make the 
section more uniform across all TIC reports;
    (4) Section III.C.4/''pension & retirement funds'' is revised to 
cover reporting responsibilities and foreign-resident pension funds;
    (5) In Appendix G, the link is corrected to point to the March 2018 
version of the TIC Glossary.
    (6) Some changes in text, page numbers and formatting are made to 
clarify other parts of the instructions.
    The changes will improve overall survey reporting.
    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

[[Page 38209]]

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. 2018-16636 Filed 8-2-18; 8:45 am]
 BILLING CODE 4810-25-P