US Treasury Extends Quarterly Reporting for Large Derivatives Users | Practical Law

US Treasury Extends Quarterly Reporting for Large Derivatives Users | Practical Law

The Treasury Department published a notice extending the use of Treasury International Capital (TIC) Form D in order to continue information collection on US international portfolio capital positions and requested public comment on continued use of the form.

US Treasury Extends Quarterly Reporting for Large Derivatives Users

Practical Law Legal Update 8-599-0445 (Approx. 2 pages)

US Treasury Extends Quarterly Reporting for Large Derivatives Users

by Practical Law Finance
Published on 04 Feb 2015 • USA (National/Federal)
The Treasury Department published a notice extending the use of Treasury International Capital (TIC) Form D in order to continue information collection on US international portfolio capital positions and requested public comment on continued use of the form.
On January 28, 2015, the US Treasury Department extended quarterly reporting of the cross-border positions of large derivatives users on Treasury International Capital (TIC) Form D in order to collect further information on US international portfolio capital positions. TIC Form D is part of the TIC reporting system, which provides timely information on international capital movements other than direct investments by US persons. This information is used to:
  • Compile US balance of payments accounts and international investment positions.
  • Formulating US international financial and monetary policies.
Treasury also requested public comment on the continued use of TIC Form D.
TIC Form D must be filed quarterly by all entities resident in the United States that have derivatives contracts that exceed either of the following metrics:
  • The total notional value of worldwide holdings of derivatives for the reporter's own account exceeds $400 billion.
  • The amount reported by a TIC D reporter for grand total net settlements exceeds $400 million (either a positive or negative value).
There are about 35 entities that meet these criteria. Once either threshold is crossed, parties must file a TIC D for the quarter in which the threshold is crossed as well as all subsequent quarters during that calendar year as well as the following calendar year.
The public is also invited to submit comment on:
  • The necessity of the continued use of TIC Form D.
  • Ways to enhance the quality, usefulness and clarity of the information to be collected.
  • Ways to minimize the reporting and recordkeeping burdens on respondents.
All comments are due by March 30, 2015. Comments should be addressed to Dwight Wolkow, International Portfolio Investment Data Systems, Department of the Treasury, Room 5422, 1500 Pennsylvania Avenue NW, Washington DC 20220, and email notification can be sent to [email protected].