Treasury International Capital Form S,"Purchases and Sales of Long-term Securities by Foreign-Residents"

OMB NO. 1515–0001
Approval Expires: 07/31/2020

INSTRUCTIONS FOR THE MONTHLY TREASURY INTERNATIONAL CAPITAL
(TIC) FORM S AND MEMORANDUM
PURCHASES AND SALES OF LONG-TERM SECURITIES
BY FOREIGNERS
(TIC S)

Mandatory Report
Response Required By Law
(22 U.S.C. 3101 et seq.)

Department of the Treasury
Federal Reserve Bank of New York
Board of Governors of the Federal Reserve System
Revised February 2017

i

TABLE OF CONTENTS
I. Introduction
A. Purpose and Notice under Paperwork Reduction Act
B. Authority
C. Confidentiality Statement
D. Relationship to other TIC statistical reports
II. General Instructions
A. Who Must Report
B. Consolidation Rules
C. Exemption Level and Reporting Frequency
D. Accounting, Valuation, and Currency Conversion Rules
E. What Must Be Reported
F. How to Report
G. Reporting the Location of Foreign Counterparties
1. Countries and Other Areas
2. Determining Residency
H. Reportable Items
1. New Issues
2. Redemptions of securities
3. Fund shares
4. Limited partnerships
5. Depositary receipts/shares
I. Identifying Counterparty or Customer
J. Reporting Responsibility
1. Brokers & Dealers
2. Underwriters
3. End-investors
4. Paying agents
5. Custodians
6. Fund Managers & Investment Managers/Advisors
7. Issuers of securities
8. Electronic trading platforms
K. Submission of Reports
1. Reporting Dates/Deadlines
2. Signature Requirements
3. Reporter Id Number
4. Data Retention
5. Review of Data and Request for Revised Data

Page
1
1
2
2
5
5
6
7
8
10
12
13
13
13
14
14
14
15
19
19
20
21
21
22
23
24
25
25
27
28
28
28
29
29
29
29

III. Column by Column Instructions

30

IV. Memorandum Section

32
ii

V. Appendices
A. Geographical classification list
B. TIC Foreign Official Institutions list
C. Glossary
D. Reporting Requirements Flowcharts
1. U.S. Resident Underwriters
2. U.S. Resident Brokers
3. U.S. Resident Investment Manager/Advisor
4. U.S. Resident Fund Managers of U.S. Resident Funds
5. U.S. Resident Custodians
6. U.S. Resident Prime Brokers
7. U.S. Resident Paying Agents
8. U.S. Resident Issuers
9. U.S. Resident End Investors
10. U.S. Resident Dealers (New Feb. 2017)
E. Technical Information for Electronic Submissions (New Feb. 2017)

iii

33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

I. INTRODUCTION
A. PURPOSE AND NOTICE UNDER PAPERWORK REDUCTION ACT
The purpose of TIC Form S is to gather timely and reliable information from U.S.-resident entities on
their monthly purchases and sales of long-term securities in transactions directly with foreign
residents. Long-term securities are defined as those without a stated maturity date (such as
equities) or with an original term-to-maturity in excess of one year. This information is needed for
preparation of the U.S. Balance of Payments Accounts and the U.S. International Investment
Position, as well as formulation of U.S. international financial and monetary policies.
No person is required to respond to any U.S. government collection of information unless the form
displays a currently valid control number assigned by the Office of Management and Budget (OMB).
TIC form S has been reviewed and approved by OMB under control number 1505-0001.
The Treasury Department has estimated the average burden associated with the collection of
information on each S form per respondent, but this will vary widely across reporting institutions: an
overall average burden of 6.6 hours, based on 11.8 hours for each major respondent and 5.9 hours for
each other respondent. These estimates include the time it will take to read the instructions, gather the
necessary facts, fill out the forms and keep records. Comments regarding the accuracy of this burden
estimate and suggestions for reducing this burden should be directed to the Department of the
Treasury, Attention: Administrator, International Portfolio Investment Data Reporting Systems, Room
5422 MT, Washington, D.C. 20220, and to the Office of Management and Budget, Attention: Desk
Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington,
D.C. 20503.
B. AUTHORITY

This report is required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 C.F.R. 128.1 (a)).
Failure to report can result in a civil penalty of not less than $2,500 and not more than $25,000.
1

Willful failure to report can result in criminal prosecution and upon conviction a fine of not more than
$10,000; and if an individual, imprisonment for not more than one year, or both. Any officer, director,
employee, or agent of any corporation who knowingly participates in such violation may, upon
conviction, be punished by a like fine, imprisonment, or both (22 U.S.C. 3105 (a) and (b); 31 C.F.R.
128.4 (a) and (b)).
C. CONFIDENTIALITY STATEMENT

The TIC S Form report is filed with the Federal Reserve banks in their capacity as Treasury fiscal agents.
Data reported on this form will be held in confidence by the Department of the Treasury, the Board of
Governors of the Federal Reserve System, and the Federal Reserve Banks acting as fiscal agents of the
Treasury. The data reported by individual respondents will not be published or otherwise
publicly disclosed; information may be given to other Federal agencies, insofar as authorized by
applicable law (44 U.S.C. 3501 et seq.; 22 U.S.C. 3101 et seq.). Aggregate data derived from reports on
this form may be published or otherwise publicly disclosed only in a manner, which will not reveal the
amounts reported by any individual respondent.
D. RELATIONSHIP TO OTHER STATISTICAL REPORTS

1. The TIC B forms are filed by all U.S.-resident financial organizations, including but not limited to banks
and other depository institutions, securities brokers and dealers, and Bank Holding Companies,
Financial Holding Companies and Intermediate Holding Companies (BHC/FHC/IHC). However, the
positions of insurance underwriting subsidiaries of BHCs/FHCs/IHCs are excluded from the TIC B
forms and included in the TIC C forms. On the TIC B forms these entities report their short-term
securities or non-securities positions with foreign residents, including foreign affiliates. Also
reported on the TIC B forms are certain positions of the customers of TIC B reporters; TIC C
reporters who are customers of these institutions should not report these positions to avoid double
counting.

2. The TIC C forms are filed by all U.S. entities other than financial organizations (including but not
2

limited to depository institutions, Bank/Financial/Intermediate Holding Companies
(BHCs/FHCs/IHCs), and securities brokers and dealers). As an exception, the positions of insurance
underwriting subsidiaries of BHCs/FHCs/IHCs are excluded from the TIC B reports and reported by
the BHCs/FHCs for the underwriting subsidiaries on the TIC C reports. On the TIC C forms, these
entities report positions with unaffiliated foreign resident entities that are either short-term
securities or non-securities.
3. The TIC D form is filed by all major U.S.-resident participants in derivatives markets. This form is
designed to obtain data on holdings of, and transactions in, financial derivative contracts with
foreign residents. Data are collected in aggregate form to facilitate timely reporting.
4. The TIC SLT form is filed by all U.S. - resident custodians, issuers and end-investors. On the TIC SLT
form, these entities report aggregate consolidated holdings of long-term U.S. securities for the
accounts of foreign residents, foreign securities for the accounts of U.S. residents (their own or their
customers) and all securities issuances by the U.S. –resident units of their entity to foreign residents
that are not held by a U.S. resident custodian.
5. To improve the accuracy of the TIC system and collect information on positions in securities,
detailed security-by-security data are collected on a less frequent basis. Two data collection
systems are used:
a. Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments (Form SHL) Approximately every five years, all significant U.S.-resident custodians of short- term debt, longterm debt, and equity securities are required to provide detailed security-by-security
information on foreign holdings of U.S. securities. Also required to report are significant U.S.
issuers of bearer bonds and U.S. issuers of securities that are held by foreigners but not through
U.S. custodians. In the years between these benchmark surveys, the largest of these reporters
are required to submit this security- by-security information annually (Form SHLA).
b. U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments (Form SHC)
- Approximately every five years, all significant U.S.-resident custodians of foreign securities and
U.S.-resident investors holding securities without using U.S.- resident custodians are required to
3

report detailed security-by-security information on their holdings of foreign securities. In the
years between these benchmark surveys, the largest of these reporters are required to submit
this security-by-security information annually (Form SHCA).
6. The Treasury Foreign Currency (TFC) forms are designed to obtain data on the assets, liabilities, and
forward positions of large U.S.-resident institutions (both banking and non-banking) in specified
foreign currencies.
7. Direct Investment- Data on cross-border Direct Investment are collected by the Bureau of Economic
Analysis, U.S. Department of Commerce. See the definition of Direct Investment in the TIC glossary;
also see Section II.E.2.e of these instructions.

4

II. GENERAL INSTRUCTIONS
A. WHO MUST REPORT

TIC form S must be filed by United States resident entities who, during the reporting month,
conduct transactions (e.g. purchases, sales, redemptions and new issues) in U.S. long-term
securities directly from or to foreign residents, and/or conduct transactions in foreign long-term
securities directly from or to foreign residents, or have foreign-resident agents conduct transactions
in these securities on their own behalf, or on behalf of customers.
To minimize reporting burden and to allow for situations when an investor does not know the
direct counterparty, data are collected from U.S. financial intermediaries. Transactions in which
another U.S.-resident entity acts as an intermediary for a foreign resident should not be reported.
U.S.-resident entities that provide only custodial or settlement functions are not intermediaries for
purposes of this report.
U.S.-resident entities must file the TIC Form S report if reportable transactions meet or exceed the
exemption level. Reportable transactions typically arise from the following roles:
•

brokers and dealers (including inter-dealer brokers, prime brokers, and operators of
electronic exchanges)

•

principal trading firms (PTF)

•

security underwriters

•

issuers of securities

•

end investors

•

fund managers, fund administrators, investment managers/advisors, and subadvisors (including funds, fund of funds, mutual funds, certain private funds and
pension funds)

•

custodians (including central securities depositories)

•

bank holding companies (BHC), financial holding companies (FHC), intermediate
holding companies (IHC)
5

•

paying agents

•

electronic trading platforms

Please refer to the section on Reporting Responsibilities for detailed reporting guidance. The
following potential reporting entities may be engaged in the roles listed above:
Banking organizations (including commercial banks, bank holding companies, financial
holding companies, intermediate holding companies), United States branches and
agencies of foreign banks, trust companies, industrial banks, private or unincorporated
banks, banking Edge Act and Agreement corporations, New York State Article XII
corporations, mutual or stock savings or building and loan associations, cooperative
banks, credit unions, homestead associations, and other similar depository institutions
•

Nonbank holding companies

•

Securities brokers and dealers

•

Insurance companies

•

Investment managers/advisors, including mutual fund and pension fund investment
advisors or managers

•

Industrial and commercial enterprises

•

Other investors or nonbanking enterprises

B. CONSOLIDATION RULES

For purposes of this report, U.S.-resident entities should consolidate all their subsidiaries, except
for foreign-resident offices and subsidiaries, in accordance with U.S. GAAP. U.S.- resident entities,
that are not 50 percent or more owned by another U.S.- resident company, including Bank Holding
Companies (BHCs), Financial Holding Companies (FHCs), and Intermediate Holding Companies
(IHCs) should include all reportable transactions for U.S.-resident parts of their organization,
including U.S.- resident offices and subsidiaries and international banking facilities (IBFs). This
6

includes all U.S.- resident parts except securities brokers and dealers, U.S.-resident depository
institutions and U.S.-resident insurance underwriting entities, which should submit separate reports
that include their U.S.-resident offices and subsidiaries. For example, a U.S.-resident BHC which
owns a depository institution, a securities broker/dealer and an insurance underwriter should
submit four separate reports, if each entity independently meets or exceeds the exemption level.

U.S. residents include entities located in the Commonwealth of Puerto Rico and the U.S. territories.
Please see Appendix X for the complete definition of United States. It is the responsibility of the U.S.
parent entity to ensure that its report includes transactions conducted by all applicable entities
within its organization.
U.S.-resident trusts, Variable Interest Entities (VIEs) and special purpose entities (SPEs) consolidated
under U.S. GAAP should be consolidated. Likewise, transactions conducted by U.S.-resident funds
for which the reporting entity acts a manager/administrator (such as managers of mutual funds and
pension funds) should be included.
U.S. branches and agencies of a foreign bank located in the same state and within the same Federal
Reserve District should submit a consolidated report for these offices. U.S. branches and agencies
of a foreign bank that are located in either different states or different Federal Reserve Districts,
should submit separate reports.
C. EXEMPTION LEVEL AND REPORTING FREQUENCY

The TIC S Form exemption level is applied to the consolidated reportable transactions of the
reporting entity using the consolidation rules above. An institution must file the TIC S Form monthly
if the total reportable transactions in purchases or sales of long-term securities amount to $350
million or more during the reporting month. If the level of transactions meet or exceed the
exemption level in any month, reporting is required for the remainder of the calendar year
regardless of the level of transactions in subsequent months; and for both purchases and sales even
7

if only one meets or exceeds the exemption level.
D. ACCOUNTING, VALUATION, AND CURRENCY CONVERSION RULES

Unless otherwise indicated TIC reports should be filed in accordance with U.S. generally accepted
accounting principles (GAAP).
1. Transfer of Assets
A purchase or sale is the transfer of assets whereby the seller surrenders control over those
securities to the buyer for currency. The accounting for transfers of financial assets are set forth
by U.S. GAAP (FASB Statement No. 140, Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities”, (FAS 140)).

2. Report Gross Amounts
Report the gross amount of funds (or assets) transferred to execute the transaction. Thus,
purchase amounts reported should reflect the cost of the securities acquired, including
brokerage charges, taxes, and any other expenses incurred by the purchaser. Sales amounts
reported should reflect the proceeds of the sales less brokerage commissions and other
applicable charges.
For example: If a foreign resident located in France purchases a $500 million U.S. Treasury
note from a U.S.-resident broker/dealer, and the total cost to the foreign- resident is $502
million ($500 million plus $2 million for fees), the U.S.-resident broker/dealer should report
$502 million on TIC S Form opposite France in column 1 (Purchases of U.S. Treasury and
Financing Bank Bonds and Notes). Conversely, if a foreign resident located in France sells a
$400 million U.S. Treasury note to a U.S.- resident broker/dealer and receives $398 million
from the sale ($400 million less $2 million in fees), the U.S.-resident broker/dealer should
report $398 million opposite France on TIC S Form in column 2 (Sales of U.S. Treasury and
8

Financing Bank Bonds and Notes).
3. Use Settlement Date Reporting
Data should be reported using settlement date accounting. Therefore, transactions should
only be reported after securities are delivered to the purchaser and payment is received by the
seller.

4. Valuation Rules
Amounts reported should reflect the cost at time-of-settlement and should not be revalued
to reflect price changes during the month. Payments denominated in foreign currencies
should be converted to the U.S. dollar equivalent value using the spot exchange rate at the
close of business on the day of settlement. Do not enter decimals or negative positions in any
cell.

9

E. WHAT MUST BE REPORTED

1. Unless noted below, all transactions undertaken directly with foreign residents involving
equity securities and debt securities with original maturities exceeding one year must be
reported. In addition, long-term securities received or delivered to settle derivatives contracts
should be reported as purchases or sales by foreign residents. Long-term Treasury securities
are Bonds, Notes, TIPS, FRNs and Savings Bonds (Treasury Bills and Certificates are
excluded from Form S; they are short-term securities reportable on Form BL-2).
Reportable transactions include purchases and sales of newly-issued securities (primary
market transactions), purchases and sales of existing securities from other investors
(secondary market transactions), and transactions that result from the sinking fund
redemption, called, or maturing securities. These and other types of transactions are
discussed in detail later in these instructions.
U.S. securities are securities issued by U.S.-resident entities, with the exception of those issued
by U.S.-resident international organizations (such as the IMF and the World Bank), which are
classified as foreign securities because these institutions legally have extraterritorial status.
U.S. securities are defined as above, regardless of the country they are issued in, the currency
they are denominated in, the location of the exchange they trade on, or whether they are
guaranteed by institutions in other countries. U.S.-resident entities include U.S.-resident
branches and subsidiaries of foreign companies.
2. Transactions of the following items/types should not be reported
a. Short-term securities with original maturity of one year or less. Bank holding
companies, Financial holding companies, Intermediate holding companies, depository
institutions and brokers and dealers report these on the TIC B series forms and all
other entities report these on TIC Form CQ-1. In addition, these are also reported on
the TIC SHC(A) and TIC SHL(A) forms.
10

b. Certificates of deposit (both negotiable and non-negotiable), deposit notes, bankers'
acceptances, and participations in loans, regardless of maturity date. Bank holding
companies, Financial holding companies, Intermediate holding companies, depository
institutions and brokers and dealers report these on the TIC B-series forms and all other
entities report these on TIC form CQ-l. In addition, certificates of deposit, and bankers’
acceptances are also reported on the TIC SHC(A) and TIC SHL(A) forms.
c. Derivative contracts (including forward contracts to deliver securities). Reportable only
on the TIC D form. However, long-term securities received or delivered to settle
derivatives contracts should be reported on TIC Form S as purchases or sales by foreign
residents.
d. Interest payments on securities and dividend distributions
e. Direct investment exception for certain private funds (see Direct Investment in the
glossary) Investments in U.S. entities of 10% or more of their voting interest by a
foreign entity are excluded from TIC reports with one exception: investments in
private funds, or between the entities of a private fund, are included in TIC surveys
regardless of ownership share if they meet BOTH of the following criteria:
•

The private fund does not own, directly or indirectly through another business
enterprise, an “operating company” – i.e., a business enterprise that is not a private
fund or a holding company— in which the U.S. or foreign parent owns at least 10% of
the voting interest,
AND

•

If the private fund is owned indirectly (through one or more other U.S. business
enterprises), there are no “operating companies” between the U.S. or foreign parent
and the indirectly-owned private fund.

Note 1 on definitions of terms used in this direct investment exception.
Private Fund is defined by the Securities and Exchange Commission on Form PF: “any
issuer that would be an investment company as defined in section 3 of the
Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of … [that] Act.”.
11

BEA defines “holding company” as a business enterprise engaged in holding the
securities or financial assets of companies and enterprises for the purpose of owning
a controlling interest in them or influencing their management decisions. Such
businesses do not manage the day-to-day operations of the firms whose securities
they hold. To be considered a holding company, income from equity investments
must be more than 50 percent of total income. A business that engages in holding
company activities but generates more than 50 percent of its total income from other
activities is not a holding company. Holding companies in an ownership chain that
only includes private funds and/or other holding companies are considered to be in a
chain with no “operating companies”—i.e. companies that are not private funds or
holding companies.
Note 2: The descriptions of the various examples are based on common
master/feeder fund structures. It is possible for there to be different types of
structures when creating these funds and they may be called different names by
some entities. Ultimately, if the entity 1) has less than 10% voting interest, 2) nonvoting interest in the U.S. private fund, or 3) meets the criteria above regarding
“operating companies”, it is not a direct investment and will fall into the category of
portfolio investment and needs to be reported as part of the TIC system.
f. Securities taken in or lent as collateral in repurchase/resale (reverse repurchase)
agreements and security lending agreements are considered borrowings collateralized by
the underlying securities and are not reportable on the TIC S Report. Banks,
broker/dealers, and other financial organizations should report the funds from these
loans on TIC B-series forms; other entities should report these on TIC form CQ-1.
HOWEVER. Transactions occurring between the initial borrowing and the final return to
the original lender are reportable. That is, sales of underlying security collateral to other
parties, and purchases of such securities from other parties, undertaken in order to
return the security collateral to the original lenders, are reportable.

F. HOW TO REPORT
12

The reporting of a transaction (i.e., purchase or sale) should be based on the viewpoint of the
foreign resident. Purchases of long-term securities (for the reporters own account or for the
account of United States customers) should be recorded as sales by a foreign resident; similarly,
sales of long-term securities should be reported as purchases by a foreign resident.

Transactions in long-term securities should be reported opposite the country or geographic
region of residence of the direct foreign purchaser or seller of the securities. Thus, the
purchase of a Japanese security from a counter-party in Singapore should be reported as a
purchase versus Singapore, not Japan. Country attribution should be based solely on the
country of the direct foreign counter-party and should not be based on either the currency in
which the security is denominated, the residence of a parent institution, the country of the
issuer of the security, or the country of a guarantor (ultimate risk basis). Thus:
•

purchases of U.S. long-term securities by foreign residents should be reported as
purchases in columns 1, 3, 5, or 7;

•

sales of U.S. long-term securities by foreign residents should be reported as sales
in columns 2, 4, 6, or 8;

•

purchases of foreign long-term securities by U.S. residents should be reported as
sales of foreign securities by foreign residents in columns 10 or 12; and

•

sales of foreign long-term securities by U.S. residents should be reported as
purchases of foreign securities by foreign residents in columns 9 or 11.

G. REPORTING THE LOCATION OF FOREIGN COUNTERPARTIES

1. Countries and Other Areas
Transactions with foreigners should be reported for the country or geographical area in
which the direct counterparty resides. Do not report transactions based on the currency
of denomination of the instrument, the country of the parent institution of the
13

counterparty (i.e., nationality), the country of issuance of the instrument, or the country
of a guarantor (i.e., ultimate risk). Please note – branches of U.S. residents located
outside the U.S. are foreign residents. U.S.-resident branches of foreign banks are U.S.
residents.
2. Determining Residency
Counterparty residence is determined by the country of legal residence (e.g., the country
of incorporation, or, for a branch, of license). For example:
a. International and Regional Organizations (see Appendix I) are residents of the
International and Regional Organizations areas, not the countries in which they are
located. Note: Pension plans of international and regional organizations, if located
in the United States, are U.S. – resident entities.
Exception-Positions and transactions with the Bank for International
Settlements (BIS), the European Central Bank (ECB), the Eastern
Caribbean Central Bank (ECCB), the Bank of Central African States
(BEAC), and the Central Bank of West African States (BCEAO), should
each be reported opposite their name in the list of Foreign Economies
and Organizations.
b. Partnerships, trusts, and funds are residents of the country in which they are
legally organized. (For example: pension funds of International and Regional
Organizations are residents of the country of residence of the pension fund.)
c. Banks, BHCs, FHCs, IHCs, FBOs, securities brokers and dealers, corporations and
subsidiaries of corporations are residents of the country in which they are
incorporated (not the country of the head office or primary operations).
d. Bank branches are residents of the country in which they are licensed (not the
country of the head office).
e. Offices of foreign official institutions and embassies are residents of their parent
country.
f. Individuals are residents of the country in which they are domiciled.
14

g. Entities or individuals that file an IRS Form W-8, indicating that they are foreign
residents, are treated as such. Please note that there may be exceptions (such as
Puerto Rico). However, if an IRS Form is not available, the mailing address can be
used to determine residency.
H. REPORTABLE ITEMS

1. Reporting New Issuances
a. Public Offerings (See the Reporting Responsibility Section (L) for detailed reporting
guidance).
b. Private Offerings- Any depository institution, broker or dealer, or other person
resident in the United States acting in its own behalf or on behalf of its customers as
an intermediary should report the private placement of: (1) U.S. securities with
foreign investors; or (2) foreign securities with United States investors.
2. Reporting Redemptions of Securities
Called or matured securities and sinking fund redemptions of securities should be
reported in the following manner (See the Reporting Responsibility section for detailed
reporting guidance):
a. U.S. Securities
•

Banks, other depository institutions, brokers and dealers, and other persons in
the United States who present U.S. securities for redemption to a U.S. entity
(i.e., paying agent) on behalf of foreign residents should report these
redemptions as sales by foreign residents.

•

Banks, other depository institutions, brokers and dealers, and other persons
resident in the United States presenting U.S. securities to a foreign entity (i.e.,
paying agent) for their own account or for the account of their United States
customers should report the redemption as purchases by foreign residents.

b. Foreign Securities
15

•

Depository institutions, brokers and dealers, and other persons resident in the
United States presenting foreign securities to a U.S. entity (i.e., paying agent) in
their name, or in a nominee name, for foreign beneficiaries should report the
redemption as sales by foreign residents.

•

Depository institutions, brokers and dealers, bank holding companies, financial
holding companies and intermediate holding companies and other persons
resident in the United States presenting securities in their own name or for
the account of their United States customers to a foreign entity (i.e., paying
agent) should report the redemption as purchases by foreign residents.

3. Reporting of Fund Shares
The determination of whether fund shares are a U.S. security is based on the country in
which the fund is legally established, not based on the residence of the issuers of the
securities the fund purchases and sells. For example, if a foreign resident purchases or
sells shares in a fund organized in the United States, these shares are reportable U.S.
securities, regardless of whether or not the fund purchases foreign securities. Reportable
fund shares transactions should be reported as domestic or foreign equity regardless of
the investment portfolio of the fund (e.g., purchases of shares in a U.S. fund investing in
U.S. and foreign bonds should be reported as purchases of U.S. equity).
In addition, the fund’s purchases and sales to/from foreign-resident entities of the
underlying securities for the fund’s own portfolio are also reportable. When this occurs,
the transactions should be reported according to the type of securities purchased or sold.
Funds include all investment vehicles that pool investors’ money and invest the pooled
money in one or more of a variety of assets. Funds include, but are not limited to:
•

Mutual funds (including closed-end and open-end mutual funds);

•

Money market funds;

•

Investment trusts;
16

•

Index-linked funds;

•

Exchange traded funds (ETFs);

•

Common trust funds; and

•

Hedge funds

For purposes of this report, the following funds and related equity transactions should be
reported:
a. Foreign-residents’ transactions of shares/units of funds and investment trusts
legally established in the United States (U.S.-resident funds)
b. Transactions of U.S. securities by foreign-resident funds
c. Hedge funds and other alternative investments
i.

Investment advisors, managers or similar types of legal entities that create
master and feeder funds both outside and inside the U.S. should report any
investments between the U.S. and foreign-resident affiliate funds that the
investment manager sets up; these investments are portfolio investments and
should be reported in the TIC system.
Note: The following examples do not apply to the situations of Certain Private
Funds described in section II.E.2.e above, where reports are made solely to
the TIC system.
Example 1
A U.S. investment manager creates a Cayman Master Fund, a Cayman Feeder
Fund and a U.S. Feeder Fund. The investments between the U.S. manager
and the Cayman funds are direct investment since the investment manager
controls the. However, the investment that the U.S. feeder fund has in the
Cayman Master Fund is portfolio investment and should be reported in the
17

TIC system. Therefore, purchases and sales of the master fund shares by the
U.S. feeder fund should be reported as transactions in foreign equity by the
responsible U.S. Resident Fund Managers, Administrators, and/or Investment
Managers/Advisors on the TIC S, and the U.S. feeder fund’s investments in
the foreign master fund should be reported by the responsible U.S. Resident
Fund Managers, Administrators, and/or Investment Managers/Advisors as
ownership of foreign equity on the TIC SHC(A) and the TIC SLT forms. If a
custodian holds the foreign security, the U.S. custodian would have the
reporting responsibility to report on the TIC SHC(A) and the TIC SLT forms.
Example 2
A U.S. investment manager creates a U.S. Master Fund, a Cayman Feeder
Fund, and a U.S. Feeder Fund. As in the example 1, the investments between
the U.S. manager and the foreign feeder fund are direct investments.
However, the investment that the foreign feeder fund has in the U.S. master
fund is portfolio investment and should be reported in the TIC system.
Purchases and sales of the master fund shares by the foreign feeder fund
should be reported on the TIC S as transactions in U.S. equity by the
responsible U.S. Resident Fund Managers, Administrators, and/or Investment
Managers/Advisors, and the responsible U.S. Resident Fund Managers,
Administrators, and/or Investment Managers/Advisors should report the
ownership of their shares by the foreign feeder fund as the issuer of the
domestic security on the TIC SHL(A) and TIC SLT forms. If a U.S. custodian
holds the domestic security, the U.S. custodian would have the reporting
responsibility to report on the TIC SHL(A) and TIC SLT forms.
Example 3
A foreign investment manager sets up a Cayman Master Fund, a Cayman
Feeder Fund, and a U.S. Feeder Fund. The investments between the foreign
18

manager and the U.S. feeder fund are direct investment since the foreign
manager controls the feeder fund. However, the investment that the U.S.
feeder fund has in the foreign master fund is portfolio investment and should
be reported in the TIC system. Purchases and sales of the master fund
shares by the U.S. feeder fund should be reported on the TIC S as
transactions in foreign equity and the U.S. feeder fund’s investments in the
master fund should be reported by the U.S. feeder fund as ownership of
foreign equity by the responsible U.S. Resident Fund Managers,
Administrators, and/or Investment Managers/Advisors on the TIC SHC (A) and
TIC SLT forms. If a U.S. custodian holds the foreign security, the U.S.
custodian would have the reporting responsibility to report on the TIC SHC
(A) and the TIC SLT forms.

Example 4
A foreign investment manager creates a U.S. Master Fund, a Cayman Feeder Fund,
and a U.S. Feeder Fund. The investments between the foreign manager and the U.S.
feeder fund are direct investments. However, the investment that the foreign feeder
fund has in the U.S. master fund is portfolio investment and should be reported in
the TIC system. Purchases and sales of the master fund shares by the foreign feeder
fund should be reported on the TIC S as transactions in U.S. equity by the
responsible U.S. Resident Fund Managers, Administrators, and/or Investment
Managers/Advisors, and the responsible U.S. Resident Fund Managers,
Administrators, and/or Investment Managers/Advisors should also report the
ownership of their shares by the foreign feeder funds as the issuer of the domestic
security on the TIC SHL(A) and TIC SLT forms. If a U.S. custodian holds the domestic
security, the U.S. custodian would have the reporting responsibility to report on the
TIC SHL(A) and TIC SLT forms.

ii. Except for Certain Private Funds (described in section II.E.2.e above), exclude
any investment between the investment manager or other entity that formed
the funds (as a general partner) and all the entities it creates. These are direct
19

investments and should be reported to the Bureau of Economic Analysis.
Note: The descriptions of the various examples are based on common
master/feeder fund structures. It is possible for there to be different types of
structures when creating these funds and they may be called different names
by some entities. Ultimately, if the investment is not direct investment then it
will fall into the category of portfolio investment and needs to be reported as
part of the TIC system.

4. Reporting of Limited Partnerships
Transactions in foreign-resident limited partner ownership interests in U.S. resident
limited partnerships and U.S. resident limited partner ownership interests in foreignresident limited partnerships should be reported as equity. Limited partners’ ownership
interests do not carry voting rights; therefore, all ownership interests, even those greater
than 10% are reportable. Except for Certain Private Funds (described in section II.E.2.e
above), general partnership ownership interests are always considered to be direct
investments and should be excluded from this report and instead reported to BEA.
5. Reporting of Depositary Receipts/Shares
Depositary receipts/shares, including American Depositary Receipts (ADRs), Global
Depositary Receipts (GDRs) or bearer depositary receipts are certificates representing
ownership of securities issued by foreign residents. Therefore, transactions of ADRs
should be reported as purchases and sales of foreign equity if a U.S. entity purchases or
sells ADRs to/from foreign-resident entities. In addition, depositary receipts can be
created or redeemed by placing an order for the underlying security with an (affiliated or
unaffiliated) foreign entity (e.g., broker), with delivery of the underlying to be made to a
foreign custodian. When this occurs, the foreign entity (not the depositary) should be
reported as the counterparty.

20

I. IDENTIFYING COUNTERPARTY OR CUSTOMER

1. Unknown Counterparty or Customer
a. Exchanges - If a transaction is carried out on an exchange in a manner in which the
counterparty is not known, the exchange is deemed the counterparty and as such the
residence of the exchange should be treated as the residence of the counterparty.
b. Foreign Fund Managers or Sub Advisors - If an end-investor or fund manager TIC
reporter uses a foreign fund manager (or sub-advisor), the TIC reporter often will not
know the counterparty or even the broker used. In that case, the foreign fund
manager or sub-advisor is deemed the counterparty and as such the residence of the
foreign fund manager or sub-advisor should be used as the residence of the
counterparty.
2. Uncertain Counterparty or Customer
In a few cases, it may not be obvious which entity should be designated as the
counterparty (or even a customer). Some common situations and rules to apply follow:
a. Intermediary – If primary and secondary market transactions involving long-term
securities are conducted through an intermediary (A third party (affiliated or
unaffiliated) who assists in facilitating a transaction between two other parties.) the
counterparty is the intermediary, even if the ultimate customer and its residence are
known.
For example: A U.S. investment advisor instructs a U.S. securities broker and
dealer to purchase long-term securities on behalf of the investment advisor’s U.S.
clients. The U.S. securities dealer and broker (acting as a financial intermediary)
purchases long-term securities directly from a foreign resident and reports these
transactions on the TIC S.
b. New Securities- If a TIC reporter is a lead underwriter, the issuing company is a
customer and the other members of the syndicate (and all direct purchasers of the
security) are counterparties. However, if the TIC reporter is a non-lead member of an
underwriting syndicate, the lead underwriter is the counterparty.
21

c. Redemptions- The counterparty to a redemption is the entity for which the delivery is
made. Therefore, the counterparty is the issuer, if delivery is made directly to the
issuer. Otherwise the counterparty is the paying agent (or other party to which
delivery is made).
J. REPORTING RESPONSIBILITY (See Appendix III for Reporting Responsibility Flow Charts)

1. U.S.-Resident Brokers and Dealers
a. Brokers
U.S.-resident brokers should report transactions they execute between:
i.

their U.S.-resident clients (including their own U.S. offices) and foreign-resident
brokers (or other foreign entities, including paying agents); and

ii.

their foreign-resident clients (including their own foreign offices) and U.S.resident brokers (or other U.S. entities, including paying agents).

If no other broker is involved and the U.S.-resident broker does not know the identity
of the entity acquiring/relinquishing ownership of the security, the U.S.-resident
broker may treat an entity that does not take ownership of the security (such as a
foreign- resident agent, investment manager, sub-advisor, trustee, settlement agent,
or custodian) as the other counterparty to the transaction.
If a U.S.-resident prime broker is also involved in the transaction, then the U.S.resident executing broker should not report the transaction. An executing broker is a
broker that finalizes and processes a transaction on behalf of a broker dealer client.
b. Prime Brokers
U.S.-resident prime brokers should report transactions with a foreign entity when:
i. their foreign-resident clients (including their own foreign offices) employ a
different U.S.-resident broker to execute the transaction; and
ii. their foreign-resident clients (including their own foreign offices) employ a foreignresident broker to execute the transaction.
22

c. Dealers
U.S.-resident dealers should report all transactions between their U.S. offices and
foreign residents (including their own foreign offices).
2. U.S.-Resident Underwriters
a. Securities Issued by U.S.-ResidentsThe U.S.-resident lead underwriter should report as a purchase the amount taken by
foreign- resident direct contacts opposite the country of the direct contact. The direct
contact would be one of the following:
i. Most commonly, the foreign-resident member(s) of an underwriting group.
ii. A foreign-resident broker or dealer (including an own foreign office).
iii. If none of the above exists, foreign-resident end-investor, stock exchange
specialist, paying agent, fund or other foreign-resident entity that directly
acquires ownership of the security from the U.S.-resident lead underwriter.
The U.S.-resident members of an underwriting group led by a U.S. resident
underwriter should report as a foreign purchase the amount of the issue sold to their
foreign- resident direct contacts.
U.S.-resident members of an underwriting group led by a foreign-resident underwriter
should report: (1) as a sale the entire amount taken from the foreign-resident lead
underwriter; and (2) as a purchase amounts sold to foreign residents.
b. Securities Issued by Foreign ResidentsThe U.S.-resident lead underwriter of a foreign security should report as a sale the
entire amount taken for distribution opposite the country of the foreign-resident
issuer. A U.S.-resident member of a foreign-led syndicate, including the U.S.-resident
office of a foreign-resident lead underwriter, should report as a sale the entire
amount it has taken for distribution in the United States, opposite the country of the
foreign-resident lead underwriter (not the issuer).
In addition, if any U.S.-resident member of an underwriting group (U.S. led or foreign
23

led) takes possession of a foreign security and sells it to a foreign resident, it should
report as a purchase the amount sold to the foreign resident opposite the country of
the foreign-resident direct contact. In this case, the direct contact would be one of
the following:
i. The foreign-resident broker or dealer (including an own foreign office), which
purchases the security.
ii. The foreign-resident end-investor, stock exchange specialist, fund (or its
investment manager), or other entity that directly acquires ownership of the
security.
3. U.S.-Resident End-Investors
The TIC S system is designed to minimize reporting by end-investors, by requiring that
certain U.S.-resident financial intermediaries provide the majority of the reporting. These
intermediaries are brokers, dealers, Investment Managers/advisors, custodians, and
paying agents.
a. Purchases and Sales of Securities-U.S.-resident end-investors are required to report
purchases and sales of securities if they deal “directly” with a foreign resident (i.e.,
they do not use a U.S.-resident broker or dealer (including an underwriter) or a U.S.resident investment manager).
For example: The purchase or sale of a U.S. or foreign security (including a new issue)
when the U.S.-resident end-investor interacts directly with a foreign-resident
securities broker or dealer, foreign-resident issuer, a foreign-resident underwriter, or
another foreign-resident without the use of a U.S. resident/foreign-resident broker,
dealer, or investment manager.
All such transactions are reportable, including those initiated by a foreign-resident
investment manager on behalf of a U.S.-resident end-investor.
b. Redemption of Securities-U.S.-resident end-investors are required to report
redemptions of U.S. or foreign securities as foreign-resident purchases if they present
securities directly to a foreign resident, but only if the security is not presented by a
24

U.S.-resident custodian, through a U.S.-resident investment manager or a U.S.-resident
broker.

4. U.S.-Resident Paying Agents
For TIC S reporting purposes, U.S.-resident paying agents should treat redemptions of
securities as if they (a U.S. resident) acquired the security and then re-sold it to the issuer.
U.S.-resident paying agents have the following two reporting responsibilities:
a. When a foreign resident presents a security (U.S.-issued or foreign-issued) for
redemption, the U.S.-resident paying agent should report the event as a sale by a
foreign resident. Often the paying agent will receive a security presented by a third
party. If the paying agent knows the identity of the investor, the residence of the
investor should determine whether the redemption should be reported. More
commonly, the paying agent will not have this information and will have to determine
residency based upon the residence of the third party.
b. When a U.S. resident presents for redemption a security issued by a foreign resident
(a “foreign security”), the U.S.-resident paying agent should report a purchase by the
foreign issuer of the entire amount the U.S.-resident paying agent has redeemed on
the issuer’s behalf. [Note: if these foreign securities are presented to the U.S.-resident
paying agent by a U.S.-resident intermediary that was in fact acting on behalf of a
foreign resident, then the U.S.-resident intermediary should report this transaction as
a sale of foreign securities by foreign residents to offset purchase reported by the
U.S.- resident paying agent. See Brokers/Dealers section above.]

5. U.S.-Resident Custodians
In general, U.S.-resident custodians do not report transactions on TIC S. The TIC S system
is designed to minimize reporting by custodians by requiring that certain other financial
intermediaries provide the majority of the reporting. These usually are brokers, dealers,
issuers and paying agents.
25

a. Two exceptions are described below. In both cases, the reporting requirements are as
if the U.S.-resident custodian took possession of the security, whether it actually does
or not.
i.

Redemptions from the Accounts of U.S. Residents- U.S.-resident custodians that
present securities for redemption to a foreign-resident intermediary such as a
foreign-resident paying agent, foreign-resident broker, foreign-resident dealer or a
foreign-resident issuer from the accounts of U.S. residents (including U.S.-resident
custodians and sub-custodians) should report the redemptions as foreign-resident
purchases of securities.

ii.

Redemptions from the Accounts of Foreign Residents-U.S.-resident custodians that
present securities for redemption to a U.S.-resident financial intermediary such as
a U.S.-resident paying agent, U.S.-resident broker, U.S.-resident dealer or a U.S.resident issuer from the accounts of foreign residents (including foreign-resident
custodians and sub-custodians) should report the redemptions as foreign-resident
sales of securities, but only if the U.S.-resident custodian does “not fully disclose”
the account holder (to “not fully disclose” means that the U.S.-resident
intermediary has not been provided with the identity of the foreign-resident
account holder and therefore only knows an alias, omnibus account, or the U.S.resident custodian’s identity)

6. U.S.-Resident Fund Managers and Investment Managers/advisors
The purchase and sale of fund equity interests and the purchase and sale of long-term
securities for a fund’s or other customer’s portfolio are both transactions which are
potentially reportable on the TIC Form S.
The TIC S system is designed to minimize reporting by fund managers and investment
managers/advisors by requiring that certain other financial intermediaries provide the
majority of the reporting. These usually are brokers, dealers, issuers, custodians, and
paying agents. TIC S reporting responsibilities are not affected by the fund manager’s and
investment manager’s responsibility, or lack thereof, for making investment decisions.
26

a. Purchases and Sales of Securities-U.S.-resident fund managers and investment
managers/advisors should report all purchases and sales they make for the accounts
of their U.S.-resident funds and other customers that are:
i. placed through a foreign-resident broker, dealer, or underwriter; or
ii. conducted with a foreign resident, including foreign-resident fund managers,
investment advisors, sub-advisors, and end-investors without the use of a U.S.resident broker, dealer, or underwriter.
U.S.-resident fund managers and investment managers/advisors should also report
purchases and sales made for the accounts of their foreign-resident funds and
other customers that are placed through U.S.-resident brokers, dealers, or
underwriters, if the identity of the account holder is “not fully disclosed” to the
U.S.-resident broker, dealer or underwriter.
To “not fully disclose” means that the U.S.-resident broker, dealer, or underwriter
has not been provided with the identity of the foreign-resident account holder and
therefore only knows an alias, omnibus account, or the U.S.-resident fund
manager’s or investment manager’s identity.
b. Redemptions of Securities-U.S.-resident fund managers and investment
managers/advisors should report all redemptions of securities from the accounts of
their U.S.-resident customers that are presented to a foreign-resident intermediary
such as a foreign-paying agent, foreign-resident broker, foreign-resident dealer or
foreign- resident issuer without the use of a U.S.-resident custodian.
U.S.-resident fund managers and investment managers/advisors should also report
redemptions from the accounts of their foreign-resident customers that are presented
to a U.S.-resident intermediary such as a U.S.-resident paying agent, U.S.-resident
broker, U.S.-resident dealer or U.S.-resident issuer, if the foreign-resident account
holder is not fully disclosed.

7. U.S.-Resident Issuers of Securities
U.S. residents that issue long-term debt or equity securities (including limited partnership
27

interests) have the following TIC S reporting requirements:
a. Initial Offerings- Securities issued by a U.S.-resident entity that are purchased by
foreign residents are generally reported by the U.S.-resident lead underwriter.
However, U.S.- resident issuers of securities have TIC S reporting responsibilities in
two cases:
i. If a foreign-resident lead underwriter is used (either as a sole lead or as a co-lead
underwriter), the issuer should report, as a purchase by a foreign resident, all
securities acquired by the foreign-resident lead underwriter.
ii. If a U.S.-resident entity issues securities without an underwriter, the U.S.-resident
issuer is required to report the dollar amount of the new issue acquired directly by
foreign residents (including foreign-resident end-investors, foreign-resident
securities depositories, foreign brokers, foreign dealers and foreign investment
managers/advisors).
b. Redemptions- U.S.-resident issuers are required to report redemptions of their
securities only in two cases:
i.

When a foreign-resident paying agent is used, a U.S.-resident issuer should report
a “sale” of the securities by the foreign-resident paying agent, opposite the
country of the foreign-resident paying agent.

ii.

When no paying agent is used, the U.S.-resident issuer should report a “sale” of
the securities directly by any foreign residents (including foreign-resident endinvestors, custodians, securities depositories, brokers dealers and investment
managers/advisors) that present the securities directly to the U.S.-resident issuer
for payment.

8. Electronic Trading Platforms
U.S. electronic trading platforms grant buyers and sellers access to shares that can be
traded anonymously. U.S. electronic trading platforms should report transactions they
arrange, if one of the counterparties is a foreign resident and the other counterparty is a
U.S.-resident (See 1.b, Brokers, for additional detail). Reporting responsibility would still
28

exist if the electronic trading platform acts as an agent routing transactions to foreign
executing brokers or exchanges.
K. SUBMISSION OF REPORTS
1. Reporting Dates/Deadlines
TIC S Form is due no later than 15 calendar days following the last business day of the month
(as-of date). If the due date of the report falls on a weekend or holiday, Form S is due the
following business day.
Depository institutions and bank holding companies should file their reports with the Federal
Reserve Bank of the District in which they are located, unless instructed otherwise by their
district Federal Reserve Bank. All other entities should file their reports with the Federal
Reserve Bank of New York, regardless of where they are located. Reports can be submitted
in the following manner:
a. Electronically- The TIC S Form reports may be submitted electronically using the
Federal Reserve’s “Reporting Central”. For more information on how to submit data
using Reporting Central contact the TIC S staff at 212 720-6300 or 646 720-6300.
Alternatively, additional information for Reporting Central can be obtained
at: https://www.frbservices.org/centralbank/reportingcentral/
b. Mail/Fax- To mail or fax reports with other Reserve Banks contact your local TIC
reporting Federal Reserve Bank liaison for the appropriate information. Reports filed
with the Federal Reserve Bank of New York can be mailed to:
th

Federal Reserve Bank of New York Statistics Function, 4 Floor
33 Liberty Street
New York, NY 10045-0001
Or faxed to: 212 720-8028 or 212 720-8216
Data may also be reported on computer printouts in the same format as the
printed reports. The Federal Reserve Bank to which the report is to be filed must
29

approve proposed computer printouts in advance of the first submission.
2. Signature Requirements
The cover page of the TIC S Form (which can be printed by the respondents from the
TIC website at http://www.treasury.gov/resource-center/data-chartcenter/tic/Pages/forms- s.aspx must be signed by a duly authorized officer of the
institution. For electronic filers, the signature page should be retained by the
reporter.
3. TIC Reporter ID Number
Each reporting entity has been assigned a "RSSD-ID" number by the Federal Reserve
System. To ensure proper processing, this ID must be entered in the space
provided on each form. If you do not know your RSSD ID number, please call the
Federal Reserve Bank where you submit your form.
4. Data Retention PeriodReports must be retained for 3 years from the date of submission.
5. Review of Data and Request for Revised DataData submitted on the Treasury International Capital forms are reviewed by Federal
Reserve System staff. As a result of these review and editing procedures, the
respondent may be asked by Reserve Bank staff to explain unusual changes or submit
revisions as necessary.
III. COLUMN-by-COLUMN INSTRUCTIONS
Securities should be classified in each column based on the type of security and whether it is a
purchase by a foreign resident or a sale by a foreign resident.

30

A. PURCHASES AND SALES OF DOMESTIC SECURITIES

Columns 1 and 2

Report purchases (column 1) and sales (column 2) by foreign residents of
long-term debt securities (bonds and notes) issued by the U.S.
Department of the Treasury and the Federal Financing Bank (See glossary
entry for U.S. Treasury securities). Include STRIPS Separate Trading of
Registered Interest and Principal Securities (STRIPS), ‘teddy bears’
(TBRs), ‘tigers’ (TIGRs), ‘cats’ (CATS) and ‘cougars’ (COUGRs) should also
be classified as U.S. Treasury securities and other instruments that are
collateralized by U.S. Treasury and Federal Financing Bank issues.

Columns 3 and 4 Report purchases (column 3) and sales (column 4) by foreign residents of
long-term debt securities (bonds, notes, debentures and asset-backed
securities (mortgage-backed securities and all other asset-backed
securities)) guaranteed by, or are the obligation of United States
Government corporations or Federally-Sponsored Agencies (See glossary
entry for United States Government Agency securities).
Columns 5 and 6

Report purchases (column 5) and sales (column 6) by foreign residents of
long-term debt obligations of U.S. states and municipalities and of private
corporations located in the United States and all other issuers of U.S. debt
securities not included in columns 1 through 4. Examples of long-term
debt securities are bonds, notes, debentures, asset-backed securities
(mortgage-backed securities and all other asset-backed securities),
covered bonds and perpetual bonds.

Columns 7 and 8

Report purchases (column 7) and sales (column 8) by foreign residents of
equity securities, including common stock, preferred stock and fund
shares, issued by entities resident in the United States. Examples of equity
securities are common stock, preferred stock and investment company
31

shares (including open-end mutual funds, closed-end funds, and exchangetraded funds (such as SPDRS).
B. PURCHASES AND SALES OF FOREIGN SECURITIES

Columns 9 and 10 Report purchases (column 9) and sales (column 10) by foreign
residents of long-term debt securities (bonds, notes, debentures and
asset-backed securities) issued by foreign governments, international
and regional organizations, foreign official institutions, and public and
private corporations resident outside the United States. Note that
purchases and sales of long-term debt securities issued by
international and regional organizations (such as the IMF and the
IBRD) are included, even if these institutions are located in the United
States.
Columns 11 and 12 Report purchases (column 11) and sales (column 12) by foreign
residents of equity issued by public and private corporations and
entities resident outside the United States. Include in these columns
purchases and sales of American Depositary Receipts (ADRs).

C. OF WHICH ITEM: ASSET-BACKED SECURITIES (8999-1)

Report the portion of transactions in asset-backed securities (both mortgage-backed
securities and all other asset-backed securities) reported in columns (3) through (6) and
columns (9) and (10) in the “Grand Total 9999-6” row.
IV. MEMORANDUM SECTION

32

A. PURCHASES AND SALES OF DOMESTIC SECURITIES

Report in the Memorandum section that portion of the transactions in U.S. securities
reported in columns (1) through (8) above undertaken for the accounts of foreign official
institutions and for the accounts of international and regional organizations. The "List of
Certain Foreign Institutions Classified as 'Official' For Purposes of Reporting on the
Treasury International Capital (TIC) Forms" prepared by the Department of the Treasury
should be used to determine the classification of foreign official accounts (See Appendix
II).
For reporting international and regional organizations, those institutions have a separate
set of geographic codes distinct from those used to report other transactions, and those
codes are available at: www.treasury.gov/resource-center/data-chartcenter/tic/Pages/foihome.aspx

Do not list the foreign official country code for which the transactions were effected
unless the account has an assigned code number. Codes for the country or geographical
area in which each foreign official institution should be reported are in the "Geographical
Classification" contained in Appendix I. These are the same as the codes that appear on
Form S, with the exception of the "Other" categories, such as "Other Europe," and the
"International and Regional" categories. For countries or institutions within these
categories, the more detailed codes contained in the "Geographical Classification" should
be used.
B. OF WHICH FOI ITEM: ASSET-BACKED SECURITIES (8999-1)

Report the portion of transactions in asset-backed securities (both mortgage-backed
securities and all other asset-backed securities) reported in columns (3) through (6) in the
“Grand Total 9999-6” rowabove.
33

V.

APPENDICES

APPENDIX A
DEPARTMENT OF THE TREASURY

GEOGRAPHICAL CLASSIFICATION
CODES FOR COUNTRIES, AREAS and
INTERNATIONAL & REGIONAL ORGANIZATIONS,
TO BE USED FOR PURPOSES OF REPORTING ON
TREASURY INTERNATIONAL CAPITAL (TIC) FORMS

The most recent version of this appendix is now a separate document.
A copy is on the TIC website, next to these instructions,
at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-s.aspx
and also at:
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx

34

APPENDIX B
DEPARTMENT OF THE TREASURY

CERTAIN FOREIGN INSTITUTIONS CLASSIFIED AS OFFICIAL,
A LIST TO BE USED ONLY FOR PURPOSES OF REPORTING
ON TREASURY INTERNATIONAL CAPITAL (TIC) FORMS

The most recent version of this appendix is now a separate document.
A copy is on the TIC website, next to these instructions, at:
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-s.aspx
and also at:
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx

35

APPENDIX C
DEPARTMENT OF THE TREASURY

GLOSSARY

The most recent version of this appendix is now a separate document.
A copy is on the TIC website, next to these instructions, at:

The most recent version of this appendix is now a separate document.
A copy is on the TIC website, next to these instructions, at:
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-s.aspx
and also at:
http://www.treasury.gov

36

APPENDIX D

REPORTING RESPONSIBILITY FLOWCHARTS

37

Reporting Requirements for U.S. Resident Underwriters
In the Issuance of Long-Term Securities

U.S.-Resident
Issuer

U.S.-Resident
Issuer

U.S.-Resident Underwriter

Foreign-Resident
Underwriter
U.S. Resident
reports a sale by a
foreigner in column
2, 4, 6, or 8.

U.S. Underwriter
reports a purchase by
a foreigner in column
1, 3, 5, or 7.

U.S. Underwriter
does not report.

U.S. Resident
Transacts
directly with
U.S. Underwriter.

U.S. Resident
(Including U.S.
underwriters, brokers,
and dealers.)
Transacts directly with
Foreign Underwriter.

Foreign Resident
(Including foreign
underwriters, brokers,
and dealers.)
Transacts directly with
U.S. Underwriter.

U.S. Resident reports
a purchase by a
foreigner in column
1, 3, 5, or 7.

Foreign Resident
(Including foreign
subsidiaries, offices, and
branches.)
Transacts directly with
U.S. Resident.

Foreign-Resident
Issuer or
Underwriter

Foreign-Resident
Issuer or Underwriter
U.S. Underwriter
reports a sale by a
foreigner in column 10
or 12.

Foreign-Resident
Underwriter
U.S. Resident
reports a sale by a
foreigner in column
10 or 12.

U.S.-Resident Underwriter

U.S. Underwriter
does not report.

U.S. Resident
Transacts
directly with
U.S. Underwriter.

U.S. Underwriter
reports a purchase
by a foreigner in
column 9 or 11.

U.S. Resident
(Including U.S.
underwriters, brokers,
and dealers.)
Transacts directly with
Foreign Underwriter.

Foreign Resident
(Including foreign
subsidiaries, offices,
and branches.)
Transacts directly with
U.S. Underwriter.

Foreign Resident
(Including foreign
subsidiaries, offices, and
branches.)
Transacts directly with
U.S. Resident.

38

U.S. Resident
reports a purchase
by a foreigner in
column 9 or 11.

Reporting Requirements for U.S. Resident Brokers
In the Purchase and Sale of Long-Term Securities

U.S.-Resident
Client

U.S.-Resident
Client

U.S. Broker does
not report.

U.S. Broker does
not report.
U.S.-Resident Broker
Executes Transaction

U.S.-Resident Broker
Executes Transaction

U.S. Resident
Transacts directly with
U.S. broker

Foreign Resident
Transacts directly with U.S.
broker (Including foreign
subsidiaries, offices, and
branches.)

Foreign-Resident
Client

Foreign-Resident
Client

U.S. Broker does
not report.

U.S. Broker
reports in column
1 – 12.

U.S. Broker
reports in column
1 – 12.

U.S. Broker does
not report.
U.S.-Resident Broker
Executes Transaction

U.S.-Resident Broker
Executes Transaction
U.S. Broker does
not report.

U.S. Broker does
not report.
Foreign Resident
Transacts directly with U.S.
broker (Including foreign
subsidiaries, offices, and
branches.)

U.S. Resident
Transacts directly with
U.S. broker

39

Reporting Requirements for U.S. Resident Investment Managers/Advisors for
Transactions to Purchase or Sell: (1) Securities for a Fund’s Portfolio (2) Fund Shares

U.S. Resident

U.S. Resident

(Including U.S.-Resident Fund Managers)

(Including U.S.-Resident Fund Managers)
U.S. Investment Manager
does not report.

U.S. Investment Manager
does not report.

U.S.-Resident Investment Manager

U.S.-Resident Investment Manager

Places Order

Places Order

U.S. Investment Manager
does not report.

U.S. Investment Manager
reports in column 1-12.

U.S.-Resident Broker,
Dealer, or Underwriter

Foreign-Resident Broker,
Dealer, or Underwriter

Foreign Resident
(Including Foreign-Resident Fund Managers)

Foreign Resident
(Including Foreign-Resident Fund Managers)

U.S. Investment Manager reports
in column 1-12 unless client
identity is fully disclosed to a U.S.
broker, dealer or underwriter.

U.S. Investment Manager
does not report.

U.S.-Resident Investment Manager
U.S.-Resident Investment Manager

Places Order

Places Order

U.S. Investment Manager
does not report.

U.S. Investment Manager
does not report.

U.S.-Resident Broker,
Dealer, or Underwriter

Foreign-Resident Broker,
Dealer, or Underwriter

40

Reporting Requirements for U.S. Resident
Including U.S. Resident Fund Managers of U.S. Resident Funds
Transactions to Purchase or Sell: (1) Securities for a Fund’s Portfolio (2) Fund Shares

U.S. Resident
(Including U.S.-Resident
Funds)

U.S. Resident
(Including U.S.-Resident
Funds)

U.S. Resident
reports in column
1-12.

U.S. Resident
does not report.

Foreign-Resident
Broker, Dealer,
Investment Manager,
or End Investor

U.S.-Resident Broker,
Dealer, or End
Investor

U.S. Resident
(Including U.S.-Resident
Funds)
U.S. Resident reports purchases and
sales in column 1-12 unless client’s
identity is fully disclosed to the
U.S. broker, dealer, or underwriter.

Foreign-Resident
Investment Manager
Delegates transaction

U.S.-Resident
Broker, Dealer, or
Underwriter

41

Reporting Requirements for U.S. Resident Custodians
In the Redemption of Long-Term Securities
Issued by U.S. and Foreign Residents
U.S. Resident

U.S. Resident

U.S. Custodian
does not report.

U.S. Custodian
does not report.

U.S.-Resident Custodian
Presents Security

U.S.-Resident Custodian
Presents Security

U.S. Custodian
reports a purchase by
a foreigner in column
1, 3, 5, 7, 9, or 11.

U.S. Custodian
does not report.

U.S.-Resident
(Paying Agent, Issuer,
or other entity)

Foreign-Resident
(Paying Agent, Issuer,
or other entity)

Foreign Resident

Foreign Resident
U.S. Custodian reports a
sale by a foreigner in
column 2, 4, 6, 8, 10, or
12 unless U.S. custodian
presents security to a U.S.
Paying Agent or a U.S.
Issuer and discloses the
client’s identity.

U.S. Custodian reports a
sale by a foreigner in
column 2, 4, 6, 8, 10, or
12 unless U.S. custodian
presents security to a
U.S. Paying Agent or a
U.S. Issuer and discloses
the client’s identity.

U.S.-Resident Custodian
Presents Security

U.S.-Resident Custodian
Presents Security
U.S. Custodian reports
a purchase by a
foreigner in column 1,
3, 5, 7, 9, or 11.

U.S. Custodian
does not report.

Foreign-Resident
(Paying Agent, Issuer,
or other entity)

U.S.-Resident
(Paying Agent, Issuer,
or other entity)

42

Reporting Requirements for U.S. Resident Prime Brokers
In the Purchase and Sale of Long-Term Securities
U.S. Resident Client

U.S. Prime Broker
does not report.

U.S. Resident Client

U.S. Executing
Broker does not
report.

U.S. Resident Prime
Broker

U.S. Executing
Broker
U.S. Executing
Broker does not
report.

U.S. Prime Broker
does not report.

U.S. Executing
Broker does not
report.

U.S. Prime Broker
does not report.

U.S. Resident
Prime Broker

U.S. Executing
Broker does not
report.

U.S. Prime Broker
reports in column
1-12.

U.S. Resident

Foreign Resident

Foreign Resident
Client

Foreign Resident Client

U.S. Executing
Broker does not
report.

U.S. Prime
Broker reports
in column 1-12.

U.S. Resident
Prime Broker

U.S. Prime Broker
does not report.

U.S. Resident
Prime Broker

U.S. Executing
Broker

U.S. Executing
Broker does not
report.

U.S. Prime Broker
does not report.

U.S. Executing
Broker

U.S. Prime Broker
does not report.

Foreign Executing
Broker does not
report.

Foreign Resident
Broker

Foreign Executing
Broker does not
report.

U.S. Resident
Foreign Resident

43

Reporting Requirements for U.S. Resident Paying Agents
In the Redemption of Long-Term Securities
(A) Issued by U.S. Residents (B) Issued by Foreign Residents

A

U.S. Resident

Foreign Resident

Presents Security

Presents Security

B

U.S. Paying Agent
reports a sale by a
foreigner in column 2,
4, 6, or 8.

U.S. Paying Agent
does not report.

U.S. Resident

Foreign Resident

Presents Security

Presents Security

U.S. Paying Agent
reports a sale by a
foreigner in column
10 or 12.

U.S. Paying Agent
does not report.

U.S.-Resident
Paying Agent

U.S.-Resident
Paying Agent

Presents Security

Presents Security
U.S. Paying Agent
reports a purchase by
a foreigner in column
9 or 11.

U.S. Paying Agent
does not report.

U.S.-Resident
Issuer

Foreign-Resident
Issuer

44

Reporting Requirements for U.S. Resident Issuers
(A) In the Issuance of Long-Term Securities (B) In the Redemption of Long-Term Securities

B

A
U.S.-Resident
Issuer

U.S. Issuer does
not report.

U.S. Resident

Foreign Resident

Presents Security
For Redemption.

Presents Security
For Redemption

U.S. Issuer reports a
purchase by a
foreigner in column
1, 3, 5, or 7.
U.S. Issuer reports a
sale by a foreigner in
column 2, 4, 6, or 8.

U.S. Issuer does not
report.

U.S.-Resident
Underwriter
Transacts directly
with U.S. Issuer.

Foreign Resident
(including foreign
underwriters, brokers,
and dealers.)
Transacts directly with
U.S. Issuer.

U.S.-Resident
Issuer

45

Reporting Requirements for U.S. Resident End Investors
(A) In the Purchase and Sale of Long-Term Securities (B) In the Redemption of Long-Term Securities

A

B
U.S.-Resident
End Investor

U.S.-Resident
End Investor

Purchases and sells securities
for own U.S. account.

Redemption of securities for
own U.S. account.

U.S. End Investor
does not report.

U.S. Resident

U.S. End Investor
reports in column
1-12.

U.S. End Investor
does not report.

Foreign Resident
(including foreign
underwriters, brokers,
and dealers.)

U.S. Resident

46

U.S. End Investor reports
a sale in column 2, 4, 6,
or 8 for U.S. securities
and a purchase in column
9 or 11 for foreign
securities.

Foreign Resident
(including foreign
underwriters, brokers,
and dealers.)

Reporting Requirements for U.S. Resident Dealers
In the Purchase and Sale of Long-Term Securities

U.S.-Resident
Dealer

Purchases and sells securities
for own U.S. account.

U.S. Dealer does
not report.

U.S. Dealer reports
in column 1 - 12

Foreign Resident

U.S. Resident

(including foreign
subsidiaries, offices,
and branches.)

47

APPENDIX E

Technical Information for Electronic Submission

The instruction guide on how to submit through Reporting Central can be found at the link below:
http://www.frbservices.org/files/reporting/pdf/external_user_guide.pdf

End of Document