Proposed Collection; Comment Request, 86411-86412 [2024-25166]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 89, Number 210 (Wednesday, October 30, 2024)]
[Notices]
[Pages 86411-86412]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25166]


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DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

AGENCY: Departmental Offices; Department of the Treasury.

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 an information collection that is 
due for extension approval by the Office of Management and Budget. The 
Office of International Affairs of the Department of the Treasury is 
soliciting comments concerning extension with minor changes of the 
following form: Treasury International Capital Form SHC/SHCA ``Survey 
of U.S. Ownership of Foreign Securities including Selected Money Market 
Instruments.'' The report is mandatory. The next such collection is the 
annual survey to be conducted as of December 31, 2024.

DATES: Written comments should be received on or before December 30, 
2024 to be assured of consideration.

ADDRESSES:  Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
1050 MT, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of 
possible delays in mail delivery, please also notify Mr. Wolkow by 
email ([email protected]), or telephone (202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed form and 
instructions are available on the Treasury's TIC Forms web page, 
https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions/forms-shc#shc. Requests for 
additional information should be directed to Mr. Wolkow 
([email protected] or 202-622-1276).

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)

[[Page 86412]]

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. This information is used by the U.S. Government in the 
formulation of international financial and monetary policies and for 
the preparation of the U.S. balance of payments accounts and the U.S. 
international investment position. This information is also used to 
provide information to the public and to meet international reporting 
commitments. The SHC/SHCA survey contributes to an internationally 
coordinated effort under the auspices of the International Monetary 
Fund (IMF) to improve data on securities worldwide. More than 80 
countries participate in the annual IMF Coordinated Portfolio 
Investment Survey.
    The data collection includes large benchmark surveys (Form SHC) 
conducted every five years, and smaller annual surveys (Form SHCA) 
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 reporting on TIC form SLT (``Aggregate 
Holdings, Purchases and Sales, and Fair Value Changes of Long-Term 
Securities by U.S. and Foreign Residents'') to make economy-wide 
estimates for non-benchmark years. 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 in 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 being 
proposed at this time. Some minor changes in the instructions are being 
proposed, primarily to include clarifications requested by respondents 
during their reporting for the 2022 and 2023 surveys. The minor changes 
include: (1) necessary updates in the contact information, dates, links 
to information, and appendix E, List of Currency Codes; (2) 
clarifications about the handling of securities involved in repurchase 
and securities lending arrangements in (i) section II.B; in (ii) the 
second paragraph of section III; and in (iii) the description of 
``Securities . . . temporarily received as collateral'' in section 
III.B; (3) the clarification in item 6 of section IV.B that ISIN codes 
are strongly preferred; (4) clarifications about the security types 
mentioned in the form, such as in the beginning of section III.C and in 
item 12 of section IV.B, where Type 4 is specified to include limited 
partners (``LPs'') and similar companies that do not meet the 
definition of funds; (5) the addition of ``Annuities'' in section 
III.B, Do Not Report; and (6) numerous other clarifications achieved 
through rewording and format changes to improve the instructions.
    Type of Review: Extension, with minor changes, of a currently 
approved collection.
    Affected Public: Business or other for-profit organizations.
    Form: SHC/SHCA, Schedules 1, 2 and 3 (1505-0146).
    Estimated Number of Respondents: An annual average (over five 
years) of 324, but this varies widely from about 760 in benchmark years 
(once every five years) to about 215 in other years (four out of every 
five years).
    Estimated Average Time per Respondent: An annual average (over five 
years) of about 200 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, it is estimated 
that 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 for custodians 
and for end-investors, that applies only in benchmark years when filing 
schedules 2 or 3 or both, is the holding of less than $200 million in 
reportable foreign securities owned by U.S. residents.
    Estimated Total Annual Burden Hours: An annual average (over five 
years) of 64,700 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, inter alia: (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; (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 Reporting 
Systems.
[FR Doc. 2024-25166 Filed 10-29-24; 8:45 am]
BILLING CODE 4810-AK-P