The Federal Reserve Cracks Down on Form SLT Reporting by U.S. Foreign Bond Issuers

The Federal Reserve Cracks Down on Form SLT Reporting by U.S. Foreign Bond Issuers

June 13, 2016, Covington Alert

The Federal Reserve has recently sent non-compliance notices to U.S. issuers of foreign-currency denominated bonds that are sold abroad (“foreign bonds”), including Euro bonds, for failure to submit Treasury International Capital (TIC) Form SLT. Although the final instructions for Form SLT were promulgated in February 2011, this filing requirement has come as a surprise to many U.S. corporate issuers.