97-8012. Proposed Collection; Comment Request

[Federal Register Volume 62, Number 61 (Monday, March 31, 1997)]
[Notices]
[Page 15218]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8012]


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DEPARTMENT OF THE TREASURY

Proposed Collection; Comment Request

AGENCY: Economic Policy, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: By this notice the Treasury Department invites public comment 
on a proposed information collection. The full title of the information 
collection is ``Outbound Portfolio Investment Survey: Survey of U.S. 
Ownership of Foreign Long-Term Securities''.

DATES: Written comments should be received by June 1, 1997.

ADDRESSES: Comments should be directed to: U.S. Treasury Department, 
1500 Pennsylvania Ave. NW., Room 5466, Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Request for additional information or 
copies of the forms and instructions should be addressed to William 
Griever at the above address or by calling [phone].

SUPPLEMENTARY INFORMATION: 

    Abstract: These forms are used to conduct periodic surveys of U.S. 
holdings of foreign long-term securities for portfolio investment 
purposes. These data are used for policy analysis, and are major inputs 
into the computation of the U.S. balance of payments account and 
international investment position. The previous such survey was 
conducted as of March 31, 1994, and clearly demonstrated the need for 
such periodic surveys by significantly altering the estimated level of 
U.S. holdings of foreign long-term securities.
    This survey is also part on an internationally-coordinated effort 
under the auspices of the International Monetary Fund to improve data 
in this area worldwide. These data are believed to be in serious error 
on a worldwide basis. Most of the major industrial and financial 
countries will be participating in this survey.
    Current Actions: Forms will be reduced from five to three, the 
instructions will be simplified and greatly reduced, and fewer overall 
data items will be collected. Data will be collected primarily from 
custodians of securities, and from major investors if they do not 
employ U.S. custodians. Investors employing U.S. custodians need only 
identify their custodians and the amounts entrusted to them.
    Type of Review: Reinstatement with change.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 2,500.
    Estimated Time per Respondent: 240 hours on average for reporters 
supplying detailed information. 40 hours on average for reporters 
employing U.S. custodians. 16 hours on average for reporters claiming 
exemptions. Custodians with less than $20 million in foreign long-term 
securities in custody or investors owning less than $20 million in 
foreign long-term securities are exempt from reporting on the survey. 
The amount of time required to complete the survey will vary depending 
on the amount of data to report.
    Estimated Total Burden: 147,500 hours.
    Frequency of Response: Approximately once every five years.
    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. 
Comments are invited on: (a) Whether the collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information shall have practical utility; (b) the 
accuracy of the agency's estimate of the burden of the collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology; and (e) estimates of capital or start-up costs of 
operation, maintenance and purchase of services to provide information.
Joshua Gotbaum,
Assistant Secretary for Economic Policy.
[FR Doc. 97-8012 Filed 3-28-97; 8:45 am]
BILLING CODE 4810-25-M