US Treasury – Request for comments on revisions related to TIC Form SLT

June 2, 2021

Title: Treasury International Capital Form SLT, “Aggregate Holdings, Purchases and Sales, and Fair Value Changes of Long-Term Securities by the U.S. and Foreign Residents.”

One important aim of this revision of the 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 fewer sales) of long-term securities reported on the Form S.

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 foreign-official-held and a separate column for other-foreign-held.

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. An in the instructions. 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.

To allow time for respondents to revise their reporting systems, the revised form and instructions are scheduled to become effective for reports as of November 2022.

Until the revised form becomes effective in 2022, the currently approved Form SLT and instructions will continue to be in effect.

After the revised Form SLT becomes effective in November 2022, there will be a duplication of the Purchase and Sales data with the Form S for roughly three 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 overlap, the period ends, and if the purchases and sales data from the revised Form SLT are acceptable, then the Form S will be discontinued.

Comments must be received on or before July 2, 2021.

Client Impact: NEW TIC Form SLT effective with as-of 11/2022 reporting. As current TIC Form S will be integrated into the new TIC Form SLT, the current TIC Form S will be discontinued a few months following the implementation of the new TIC Form SLT (i.e. projected after 1/2023 TIC Form S report).

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