March 31 -- The Office of International Affairs of the Department of the Treasury is soliciting comments by June 1, 2021 concerning Treasury International Capital (TIC) Form SHL/SHLA, “Survey of Foreign-Residents' Holdings of U.S. Securities, including Selected Money Market Instruments” and Form SHC/SHCA “Survey of U.S. Ownership of Foreign Securities, including Selected Money Market Instruments.”
The TIC reporting system collects data for the United States on cross-border portfolio investment flows and positions between U.S. residents (including U.S.-based branches of firms headquartered in other countries) and foreign residents (including offshore branches of U.S. firms). This system provides:
monthly data on transactions and holdings of long-term securities;
annual detailed position data on holdings of long-term and short-term securities;
monthly and quarterly position data on claims and liabilities (including short-term securities) reported by banks and broker/dealers of securities;
quarterly position data on selected claims and liabilities reported by non-banks and non-broker/dealers; and
quarterly position and transactions data on financial derivatives reported by major participants in those markets.
Form SHL/SHLA collects foreign-residents' holdings of U.S. securities. 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 data collection includes large benchmark surveys (Form SHL) conducted every five years, and smaller annual surveys (Form SHLA) 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 TIC form SLT (“Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents”) reporting 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 reporting. The data requested in the annual survey will generally be the same as requested in the preceding benchmark report. Form SHL is used for the benchmark survey of all significant U.S.-resident custodians and U.S.-resident issuers of securities regarding foreign-residents' holdings of U.S. securities. In non-benchmark years, Form SHLA is used for the annual surveys of primarily the largest U.S.-resident custodians and issuers.
Form SHC/SHCA 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 (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 TIC form SLT (“Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents”) reporting 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 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.
No changes in the forms (schedules) or instructions are being proposed at this time. Some clarifications and format changes may be made to improve the instructions.
TIC System website:
https://home.treasury.gov/data/treasury-international-capital-tic-system
TIC forms:
https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions
Technical documentation:
Form SHL/SHLA:
https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201704-1505-001
Form SHC/SHCA:
https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201611-1505-001
FR notice inviting comments:
Form SHL/SHLA:
https://www.federalregister.gov/documents/2021/03/31/2021-06564/proposed-collection-comment-request
Form SHC/SHCA:
https://www.federalregister.gov/documents/2021/03/31/2021-06572/proposed-collection-comment-request
Point of contact: Dwight Wolkow, International Portfolio Investment Data Systems, Department of the Treasury comments2TIC@do.treas.gov 202-923-0518
