The U.S. Department of the Treasury (Treasury) announced on February 21, 2023, that TIC Form S — which Treasury has administered to collect data from financial institutions relating to aggregate purchases and sales of long-term U.S. and foreign securities — would be discontinued following the reports due in February 2023 (which capture data as of January 31, 2023). Treasury indicated that financial institutions that were required to file TIC Form S must keep applicable records for three years in order to respond to any inquiries regarding historical submissions, and suggested that financial institutions could be asked to submit corrections to historical filings, if necessary, following the retirement of the form.

The discontinuation of TIC Form S follows the recent expansion of TIC Form SLT¹. Beginning in November 2022, TIC Form SLT — which has historically captured monthly snapshot data on certain cross-border holdings of securities — was expanded to collect data on cross-border purchases and/or sales of and month-over-month changes in the fair value of such securities. Treasury has stated that the expanded scope of TIC Form SLT encompasses data previously collected on TIC Form S and rendered the continued administration of that form unnecessary.

Footnotes

1) For a detailed explanation of the expanded scope of TIC Form SLT, please refer to Dechert OnPoint, U.S. Treasury Implements Significant Changes to TIC SLT Form: Implications for Investment Managers.