National Research Advisory Council Notice of Meeting-Cancellation, 28195 [2021-10967]
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Federal Register / Vol. 86, No. 99 / Tuesday, May 25, 2021 / Notices
SLT data collection is to create, for the
first time, a data collection of ‘‘changes
in fair value’’ for the TIC securities data.
Users of TIC data often compare the
change in the holdings of long-term
securities reported on the Form SLT,
with the net purchases (purchases less
sales) of long-term securities reported
on the Form S. There is general
agreement that the difference between
the change in holding and the net
purchases is due largely to the change
in fair value of the securities, with less
important factors making up the
remainder of the difference. In
mathematical terms, ‘‘Change in
holdings’’ equals ‘‘purchases less sales’’
plus ‘‘change in fair value’’ plus ‘‘other
factors’’. Different assessments between
TIC data users often arise because each
one has to create their own estimates of
the ‘‘change in fair value’’ despite
lacking detailed information on the
holdings of, and transactions in, the
many securities in the TIC system.
Another aim of this revision of the SLT
data collection is to obtain the three
main data types (holdings, purchases
and sales, and change in fair value) from
the same source. The result should
greatly improve the connections
between the holdings data and the
purchases and sales data and the
‘‘change in fair value’’ data. Lastly,
while there is an increase in the
reporting burden on custodians from the
revision of the SLT, after 2022 it is
expected that this increase in burden
will be significantly offset by the
decrease in burden when the Form S is
discontinued. (2) No changes are made
in the collection of holdings data; i.e.,
no changes are made in the columns
and rows of the Form SLT or in the
instructions regarding the holdings of
long-term securities. In both the current
and revised Form SLT there are eleven
such columns covering three types of
foreign securities and four types of U.S.
securities, where for each type of U.S.
security there is a column for foreignofficial-held and a separate column for
other-foreign-held. (3) To accomplish
the aims in (1) above, both the Form
SLT and the instructions are expanded
to add the collection of data on the total
change in the fair (market) value over
the month for all securities held at the
end of the month for each type of longterm security. In the Form SLT, one
column is added for each of the 11
columns of holdings mentioned in (2)
above; in the instructions, sections II.F.4
and III.G are added. (4) To accomplish
the aims in (1) above, both the Form
SLT and the instructions are expanded
to add the collection of data on U.S.
purchases and U.S. sales of long-term
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securities by U.S.-residents with
foreign-residents; in the Form SLT, two
columns are added for each of the 11
columns of holdings mentioned in (2)
above; in the instructions, sections
II.F.3, II.F.5, III.E and III.F are added. (5)
Note that while purchases and sales in
the revised SLT data collection appear
to be generally the same as in the Form
S data collection, there are three
important differences: (i) Purchases and
sales in the Form SLT are reported by
the custodian or issuer or end-investor
that is also reporting the holdings, while
in the Form S purchases and sales are
reported by a trader (e.g., broker-dealer,
prime broker, principal trading firm);
(ii) the Form SLT data are recorded from
the U.S. point of view, while the Form
S data are recorded from the foreign
point-of-view (e.g., Form SLT
‘‘purchases’’ are made by U.S. residents
from foreign-residents, whereas Form S
‘‘purchases’’ are made by foreignresidents from U.S.-residents); and (iii)
purchases and sales of foreign securities
in Form SLT are recorded opposite the
foreign country that issued the security,
whereas the Form S data are recorded
opposite the country that purchased or
sold the security. The Form SLT data
are much more informative about U.S.
claims on individual foreign countries.
(6) The revised Form SLT no longer has
Parts A and B, where previously a
custodian reported data in part A and an
issuer and/or end-investor reported data
in part B. In the revised Form SLT the
reporting firm must check one or both
of the two boxes in the top-center
section of the cover page to specify
whether the data is from a custodian or
from an issuer and/or end- investor or
from both; see II.A in the instructions.
So a firm that reports data for both a
custodian and an issuer/end-user can
combine both types of data into one
report, and no longer needs to report
them separately in part A and part B. (7)
To allow time for respondents to revise
their reporting systems, the revised form
and instructions are scheduled to
become effective for reports as of
February 2022. (8) Until the revised
form becomes effective in 2022, the
currently-approved Form SLT and
instructions will continue to be in
effect. (9) The name of the revised Form
SLT on the cover page and elsewhere is
expanded to ‘‘Aggregate Holdings,
Purchases and Sales, and Fair Value
Changes of Long-Term Securities by
U.S. and Foreign Residents.’’ Added on
the cover page under the name, is the
phrase ‘‘Effective for reports beginning
as of February 2022’’. (10) After the
revised Form SLT becomes effective in
February 2022, there will be a
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28195
duplication of the Purchase and Sales
data with the Form S for roughly six
months. This period of overlap for
comparison of the two sources of data
will allow the agencies to make any
necessary adjustments to the revised
Form SLT and/or instructions. After the
six month overlap period ends, and if
the purchases and sales data from the
revised Form SLT are acceptable, then
the Form S will be discontinued. (11)
Some other clarifications and format
changes may be made to improve the
instructions.
Form: Treasury Form SLT.
Affected Public: Businesses or other
for-profit organizations.
Estimated Number of Respondents:
438.
Frequency of Response: Monthly.
Estimated Total Number of Annual
Responses: 5,256.
Estimated Time per Response:
Average 11.7 hours per respondent per
filing. The estimated average burden per
respondent varies, from about 21.6
hours per filing for a U.S.-resident
custodian to about 9.3 hours for a U.S.resident issuer or U.S.-resident endinvestor.
Estimated Total Annual Burden
Hours: 61,722 hours.
Authority: 44 U.S.C. 3501 et seq.
Dated: May 20, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021–11042 Filed 5–24–21; 8:45 am]
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DEPARTMENT OF VETERANS
AFFAIRS
National Research Advisory Council
Notice of Meeting—Cancellation
The Department of Veterans Affairs
(VA) gives notice under the Federal
Advisory Committee Act, 5 U.S.C. App.
2, that the meeting of the National
Research Advisory Council previously
scheduled to be held on Wednesday,
June 2, 2021, as a virtual meeting, has
been cancelled.
For more information, please contact
Dr. Marisue Cody, Designated Federal
Officer at (202) 443–5681, or via email
at marisue.cody@va.gov.
Dated: May 19, 2021.
LaTonya L. Small,
Federal Advisory Committee Management
Officer.
[FR Doc. 2021–10967 Filed 5–24–21; 8:45 am]
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[Federal Register Volume 86, Number 99 (Tuesday, May 25, 2021)]
[Notices]
[Page 28195]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10967]
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DEPARTMENT OF VETERANS AFFAIRS
National Research Advisory Council Notice of Meeting--
Cancellation
The Department of Veterans Affairs (VA) gives notice under the
Federal Advisory Committee Act, 5 U.S.C. App. 2, that the meeting of
the National Research Advisory Council previously scheduled to be held
on Wednesday, June 2, 2021, as a virtual meeting, has been cancelled.
For more information, please contact Dr. Marisue Cody, Designated
Federal Officer at (202) 443-5681, or via email at [email protected].
Dated: May 19, 2021.
LaTonya L. Small,
Federal Advisory Committee Management Officer.
[FR Doc. 2021-10967 Filed 5-24-21; 8:45 am]
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