82 FR 11399 - Proposed Collections; Comment Requests

DEPARTMENT OF THE TREASURY

Federal Register Volume 82, Issue 34 (February 22, 2017)

Page Range		11399-11400
FR Document		2017-03396

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 the revision of an information collection that is to be proposed for approval by the Office of Management and Budget. The Office of International Affairs of the Department of the Treasury is soliciting comments concerning Treasury International Capital Form S, Purchases and Sales of Long-Term Securities by Foreign Residents.

Federal Register, Volume 82 Issue 34 (Wednesday, February 22, 2017)

[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11399-11400]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03396]



[[Page 11399]]

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DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

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 the revision of an information 
collection that is to be proposed for approval by the Office of 
Management and Budget. The Office of International Affairs of the 
Department of the Treasury is soliciting comments concerning Treasury 
International Capital Form S, Purchases and Sales of Long-Term 
Securities by Foreign Residents.

DATES: Written comments should be received on or before April 24, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5422, 1500 Pennsylvania Avenue NW., Washington, DC 20220. In view of 
possible delays in mail delivery, please also notify Mr. Wolkow by 
email ([email protected]), FAX (202-622-2009) or telephone 
(202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Treasury's TIC Forms Web page, 
https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/index.aspx. Requests for additional information should be directed to 
Mr. Wolkow.

SUPPLEMENTARY INFORMATION: 
    Title: Treasury International Capital Form S, Purchases and Sales 
of Long-term Securities by Foreign-Residents.
    OMB Control Number: 1505-0001.
    Abstract: Form S is part of the Treasury International Capital 
(TIC) reporting system, which is required by law (22 U.S.C. 286f; 22 
U.S.C. 3103; E.O. 10033; 31 CFR 128), and is designed to collect timely 
information on international portfolio capital movements. Form S is a 
monthly report used to cover transactions in long-term marketable 
securities undertaken directly with foreigners by banks, other 
depository institutions, brokers, dealers, underwriting groups, funds 
and other individuals and institutions. This information is used by the 
U.S. Government in the formulation of international financial and 
monetary policies and for the analysis of the U.S. balance of payments 
accounts.
    Current Actions: (1) The section II.A ``Who Must Report'' and the 
section II.E.1.e ``What Must Be Reported'' of the instructions are 
updated to list out separately ``certain private funds'', which are a 
subgroup of the class of financial entities defined by the Securities 
and Exchange Commission as private funds on Form PF: ``any issuer that 
would be an investment company as defined in section 3 of the 
Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of . 
. . [that] Act.''. In cooperation with the Bureau of Economic Analysis 
(BEA) effective for TIC reports beginning as of January 2017 and 
afterwards, reporters of investments in private funds that meet the 
definition of direct investment (that is, ownership by one person of 10 
percent or more of the voting interest of a business enterprise) but 
display characteristics of portfolio investment (specifically, 
investors who do not intend to control or influence the management of 
an operating company) are required to report through the Treasury 
International Capital (TIC) reporting system, where other related 
portfolio investments are already being reported, and not to report on 
BEA's direct investment surveys. Specifically, cross-border investments 
by or into private funds are included in TIC reports regardless of 
ownership share if they meet BOTH of the following two criteria: (i) 
The private fund does not own, directly or indirectly through another 
business enterprise, an ``operating company''--i.e., a business 
enterprise that is not a private fund or a holding company--in which 
the U.S. or foreign parent owns at least 10 percent of the voting 
interest, and (ii) If the private fund is owned indirectly (through one 
or more other business enterprises), there are no ``operating 
companies'' between the U.S. or foreign parent and the indirectly-owned 
private fund. Direct investment in operating companies, including 
investment by and through private funds, will continue to be reported 
to BEA. This change aligns the U.S. direct investment and portfolio 
investment data more closely with the intent of the investment with 
respect to management control. In addition, it reduces burden for 
respondents, many of whom previously reported both to the TIC reporting 
system and to BEA's direct investment reporting system. Note: This 
change applies also to these other TIC forms if the reporting 
requirements of the form are met: BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3, D, 
SLT, SHC(A) and SHL(A). (2) The section II.A ``Who Must Report'' of the 
instructions is updated to list out separately ``principal trading 
firms'' and ''fund administrators'', (3) The section II.A ``Who Must 
Report'' and section II.B ``Consolidation Rules'' of the instructions 
are updated to list out separately Intermediate Holding Companies 
(IHCs), as defined by Regulation YY, 12 CFR 252, and to clarify that 
IHCs should follow the same consolidation rules that are applicable to 
Bank Holding Companies (BHCs), Financial Holding Companies (FHCs), and 
Savings and Loan Holding Companies. The Regulation YY was effective by 
January 1, 2015, and IHCs are filing TIC reports; this update will 
formalize their reporting requirements. (4) The section II.E.2.f ``What 
Must Be Reported'' of the instructions is updated to clarify that, 
regarding securities involved in security lending agreements and 
repurchase/resale (reverse repurchase) agreements, sales of the 
underlying security collateral to other parties and the purchases of 
such securities from other parties, undertaken in order to return the 
security collateral to the lenders, must be reported. (5) The section 
III.A.columns 1 & 2 ``Column by Column Instructions'' of the 
instructions is updated to clarify that the stripped securities `teddy 
bears' (TBRs), `tigers' (TIGRs), `cats' (CATS) and `cougars' (COUGRs) 
should also be classified as U.S. Treasury securities. (6) The section 
II.E. ``What Must Be Reported'' clarifies that long-term Treasury 
securities are Bonds, Notes, TIPS, FRNs and Savings Bonds. (7) Some 
other clarifications and format changes may be made to improve the 
instructions.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Form: S (1505-0001).
    Estimated Number of Respondents: 188.
    Estimated Average Time per Respondent: Six and three tenth hours 
per respondent per filing. This estimate includes the Current Actions 
proposed above. The estimated average time per respondent varies from 
10.8 hours for the approximately 30 major reporters to 5.4 hours for 
the other reporters.
    Estimated Total Annual Burden Hours: 14,130 hours, based on 12 
reporting periods per year.
    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 Form S is necessary for the proper performance 
of the functions of the

[[Page 11400]]

Office, including whether the information 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; and (e) estimates of capital or start-up 
costs of operation, maintenance and purchase of services to provide 
information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2017-03396 Filed 2-21-17; 8:45 am]
 BILLING CODE 4810-25-P

$11400 Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices Office, including whether the minimize the reporting and/or record maintenance and purchase of services to information will have practical uses; (b) keeping burdens on respondents, provide information. the accuracy of the above estimate of the including the use of information Dwight Wolkow, burdens; (c) ways to enhance the technologies to automate the collection Administrator, International Portfolio quality, usefulness and clarity of the of the data; and (e) estimates of capital Investment Data Systems. information to be collected; (d) ways to or start-up costs of operation, [FR Doc. 2017–03396 Filed 2–21–17; 8:45 am] BILLING CODE 4810–25–P sradovich on DSK3GMQ082PROD with NOTICES VerDate Sep<11>2014 16:05 Feb 21, 2017 Jkt 241001 PO 00000 Frm 00065 Fmt 4703 Sfmt 9990 E:\FR\FM\22FEN1.SGM 22FEN1$

Document Created: 2017-02-22 00:08:39
Document Modified: 2017-02-22 00:08:39

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		(1) The section II.A ``Who Must Report'' and the section II.E.1.e ``What Must Be Reported'' of the instructions are updated to list out separately ``certain private funds'', which are a subgroup of the class of financial entities defined by the Securities and Exchange Commission as private funds on Form PF: ``any issuer that would be an investment company as defined in section 3 of the Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of . . . [that] Act.''. In cooperation with the Bureau of Economic Analysis (BEA) effective for TIC reports beginning as of January 2017 and afterwards, reporters of investments in private funds that meet the definition of direct investment (that is, ownership by one person of 10 percent or more of the voting interest of a business enterprise) but display characteristics of portfolio investment (specifically, investors who do not intend to control or influence the management of an operating company) are required to report through the Treasury International Capital (TIC) reporting system, where other related portfolio investments are already being reported, and not to report on BEA's direct investment surveys. Specifically, cross-border investments by or into private funds are included in TIC reports regardless of ownership share if they meet BOTH of the following two criteria: (i) The private fund does not own, directly or indirectly through another business enterprise, an ``operating company''--i.e., a business enterprise that is not a private fund or a holding company--in which the U.S. or foreign parent owns at least 10 percent of the voting interest, and (ii) If the private fund is owned indirectly (through one or more other business enterprises), there are no ``operating companies'' between the U.S. or foreign parent and the indirectly-owned private fund. Direct investment in operating companies, including investment by and through private funds, will continue to be reported to BEA. This change aligns the U.S. direct investment and portfolio investment data more closely with the intent of the investment with respect to management control. In addition, it reduces burden for respondents, many of whom previously reported both to the TIC reporting system and to BEA's direct investment reporting system. Note: This change applies also to these other TIC forms if the reporting requirements of the form are met: BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3, D, SLT, SHC(A) and SHL(A). (2) The section II.A ``Who Must Report'' of the instructions is updated to list out separately ``principal trading firms'' and ''fund administrators'', (3) The section II.A ``Who Must Report'' and section II.B ``Consolidation Rules'' of the instructions are updated to list out separately Intermediate Holding Companies (IHCs), as defined by Regulation YY, 12 CFR 252, and to clarify that IHCs should follow the same consolidation rules that are applicable to Bank Holding Companies (BHCs), Financial Holding Companies (FHCs), and Savings and Loan Holding Companies. The Regulation YY was effective by January 1, 2015, and IHCs are filing TIC reports; this update will formalize their reporting requirements. (4) The section II.E.2.f ``What Must Be Reported'' of the instructions is updated to clarify that, regarding securities involved in security lending agreements and repurchase/resale (reverse repurchase) agreements, sales of the underlying security collateral to other parties and the purchases of such securities from other parties, undertaken in order to return the security collateral to the lenders, must be reported. (5) The section III.A.columns 1 & 2 ``Column by Column Instructions'' of the instructions is updated to clarify that the stripped securities `teddy bears' (TBRs), `tigers' (TIGRs), `cats' (CATS) and `cougars' (COUGRs) should also be classified as U.S. Treasury securities. (6) The section II.E. ``What Must Be Reported'' clarifies that long-term Treasury securities are Bonds, Notes, TIPS, FRNs and Savings Bonds. (7) Some other clarifications and format changes may be made to improve the instructions.
Dates		Written comments should be received on or before April 24, 2017 to be assured of consideration.
Contact		Copies of the proposed forms and instructions are available on the Treasury's TIC Forms Web page, https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ index.aspx. Requests for additional information should be directed to Mr. Wolkow.
FR Citation		82 FR 11399