Proposed Revision of the TIC S-Form Instructions, in connection with Renewal of the S-Form:
- Federal Register Notice of February 22, 2017. No revisions are proposed to the S-form. The revisions add instructions for certain private funds that reported to the Bureau of Economic Analysis (BEA) before January 2017; add clarification of instructions regarding short-sales of borrowed securities; update the “Who Must Report” section and the “Consolidation Rules” section of the instructions to list out separately “Intermediate Holding Companies (IHCs)”, “principal trading firms” and “fund administrators”; and add some other clarifications in the instructions that are described in the Federal Register Notice. Comments are invited from the public by April 24, 2017.
- Proposed Instructions for the S-Form .
Current Form S and Instructions in Effect for reports as-of June 2014 and afterwards:
- OMB approved the revisions on July 15, 2014. The Federal Register Notice of February 12, 2014 describes the changes that OMB approved, effective for reports as of June 2014 and afterwards.
- Form S , Purchases and Sales of Long-Term Securities by Foreign-Residents. There are no changes in the form; the form is effective for reports as-of December 2013 and afterwards.
- Final Instructions for Form S , effective for reports as-of June 2014 and afterwards. There is a major reorganization of the instructions to be consistent with the format and style of other TIC instructions. The changes in the instructions are: (a) The exemption level for total reportable transactions is raised from $50 million to $350 million (see page 7 of the instructions). (b) The Column-By-Column instructions for Columns 3 and 4 of Form S are changed to be consistent with the language found in the glossary for “United States Government Agency securities”. (c) The TIC glossary is a separate document to be used for all TIC reports. (d) Under electronic submission of reports, the Federal Reserve System’s “Reporting Central” replaces mention of the previous “Internet Electronic Submission (IESUB) system.” There also are other clarifications in the instructions.
-- The TIC Glossary. The glossaries for all Treasury International Capital (“TIC”) reports are consolidated into a single document which will provide more consistency across the TIC system. As a result, the TIC S reporting instructions will not include a glossary but will point to this separate consolidated Glossary document on the TIC website.
The following is more information on the lists of countries and foreign official institutions:
-- Geographical Classification (revised for reports as of December 2013) with codes for foreign countries, areas, and organizations.
-- Selected foreign official institutions (revised for reports as of December 2013).
Expired Form S and Instructions previously in effect for reports as-of December 2013 through May 2014.
- There is no federal register notice for this update of the country list. The revision of the country list for all TIC reporting forms is effective for reports as of December 2013 and afterwards. [FYI: On 4-25-2013, the effective date was changed to December 2013, from June 2013, for the revision of the country list; on 3-27-2013 the effective date was changed to September 2013.]
- Form S (effective for reports as-of December 2013 and afterwards) -- Foreigners' Purchases and Sales of Long-Term Securities.
[Corrections: 1-22-2014 Corrected minor typo. (12-24-2013) Deleted irrelevant text on row for Azerbaijan. (11-26-2013) On the cover page of the form in the box at the upper-right side, the expiration date of the form was corrected. (11-22-2013) There were minor changes in the "Notes" box in the right-hand column of the cover page: (a) the four notes were numbered 1 through 4; (b) in note 2 the URL was corrected and the FAQs were mentioned. (11-1-2013) The order of the two names in country code 3647-1 were changed to read "St. Barthelemy and St. Martin". (9-25-2013) Added shading in line 8999-1 for ABS. (6-14-2013) the form was updated to the new country list.]
- There are no changes to the instructions. Instructions for Form S, effective for reports as-of June 2011 through May 2014.
The following is more information on the new lists of countries and foreign official institutions:
-- Geographical Classification (revised for December 2013) with codes for foreign countries, areas, and organizations.
-- Selected foreign official institutions (revised for December 2013).
Expired Form S previously in Effect for reports as-of June 2011 through November 2013:
- Form S , Foreigners' Purchases and Sales of Long-Term Securities. The form is effective for reports as-of June 2011 through November 2013. The changes made were minor: two column titles are changed to clarify the content ("U.S. equities" replaces the word "stocks" and "foreign equities" replaces "foreign stocks" in the titles of columns 7-8 and 11-12, respectively); a few country codes are corrected (e.g. Greenland, Eastern Caribbean Central Bank, Bank of Central African States); and the style is made uniform across the pages.
- Instructions for Form S, effective for reports as-of June 2011 through May 2014.
Previous Expired Forms and Instructions:
- March 2009 Form S , effective for reports as-of March 2009 through May 2011.
- Form S Instructions , effective for reports as-of March 2009 through May 2011. The instructions include the changes mentioned in the Sept. 2008 Federal Register Notice, as well as numerous clarifications that affected almost every section of the instructions. One clarification explained the reporting responsibilities for the different roles in an organization (e.g. brokers, dealers, prime brokers, underwriters, end-investors, paying agents, custodians, fund managers, investment managers, and issuers): see sections B (page 5) and L (page 17) and the flowcharts in appendix III.
The Federal Reserve Bank of New York held a seminar on September 20, 2006 ( agenda )
, that provided: an overview of reporting requirements for the S-Form and the various B-Forms; lists of common reporting errors
for the B and S reports; and discussions of how TIC B and S data are edited by FRS staff.
The TIC Form S is part of the Treasury International Capital (TIC) data reporting system, which is required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 C.F.R. 128), and is designed to gather timely and reliable information on cross-border purchases and sales of long-term domestic and foreign securities by foreigners in transactions with U.S. persons. This information is necessary for compiling the U.S. balance of payments accounts and the U.S. international investment position, and for formulating U.S. international financial and monetary policies.
Who Reports on Form S:
Banks, other depository institutions, securities brokers and dealers, funds, investors, nonbanking business enterprises, and other entities in the U.S. who deal directly with foreign residents in purchases and sales of long-term securities. (In the instructions, see General Instructions, Section B "Who Must Report" for list of organizations.)
Historical Forms and Instructions: