On May 22, Treasury issued a notice of reporting requirements in the Federal Register, announcing that it is conducting a mandatory survey of foreign residents’ holdings of U.S. securities, including equities, short-term debt securities (including selected money market instruments), and long-term debt securities, as of June 30. Entities required to report will be contacted individually by the Federal Reserve Bank of New York (FRBNY). Entities not contacted by the FRBNY will have no reporting responsibilities. The notice provides that the survey will be conducted under the authority of the International Investment and Trade in Services Survey Act and in accordance with 31 CFR Part 129.

Treasury stated that the reporting panel is based primarily on data from the June 2024 benchmark survey of foreign residents’ holdings of U.S. securities and the “Aggregate Holdings, Purchases and Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign Residents” report as of December 2025 and will consist mostly of the “largest reporters.” The notice defines a “U.S. person” broadly to include “any individual, branch, partnership, associated group, association, estate, trust, corporation, or other organization” residing in the U.S. or subject to U.S. jurisdiction, as well as any government entity or instrumentality thereof. Data must be submitted to the FRBNY by August 31. Treasury estimated the average annual reporting burden at 486 hours per report for the largest custodians of securities and 110 hours per report for the largest issuers of securities that have data to report and are not custodians.