New TIC SLT Reporting Requirement and Notice of TIC SLT Training Seminar

 

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March 21, 2011

TO: SEC RULES COMMITTEE No. 22-11
INTERNATIONAL COMMITTEE No. 5-11 RE: NEW TIC SLT REPORTING REQUIREMENT AND NOTICE OF TIC SLT TRAINING SEMINAR

 

In August 2010 the Board of Governors of the Federal Reserve System, on behalf of the U.S. Department of Treasury, issued a proposal for a new Treasury International Capital (“TIC”) report, entitled “U.S. and Foreign Resident Aggregate Holdings of Long-Term Securities” (“TIC SLT”). [1] The Institute recently received the attached letter from the Federal Reserve Bank of New York notifying the Institute that the TIC SLT report form and instructions are currently undergoing the approval process of the OMB.

The TIC SLT report will collect, at the country level, aggregate data on the fair value of long-term portfolio security positions of foreign-resident holdings of U.S. securities and U.S.-resident holdings of foreign securities. The entities that will be required to report on Form SLT are U.S.-resident custodians, U.S.-resident issuers of U.S. securities, and U.S.-resident end-investors in foreign securities, where for each reporting entity the consolidated total of all reportable long-term U.S. and foreign securities on the last business day of the reporting month has a total fair value equal to or more than $1 billion. The new data collection will allow the TIC system to capture aggregate position data on long-term portfolio securities more frequently than the current security by security annual TIC SHC and SHL reports.

The TIC SLT report will be due to the Federal Reserve Bank no later than the 23rd calendar day, or the first business day after the 23rd calendar day, of the month following the report as-of-date.In 2011, the TIC SLT report will be required to be submitted quarterly, beginning June 30th. Monthly reporting will begin with the report as of January 31, 2012.

In anticipation of OBM approval, the Federal Reserve Bank of New York will hold a training seminar for the TIC SLT report on April 5, 2011, from 9 a.m. to 1 p.m.  Additional information about the training seminar can be found in the attached letter.

 

Eva M. Mykolenko
Associate Counsel - International Affairs

Attachment

endnotes

 [1] The proposal can be found at  http://www.gpo.gov/fdsys/pkg/FR-2010-08-18/pdf/2010-20347.pdf.