The U.S. Department of Commerce's Bureau of Economic Analysis (BEA) is conducting its "2014 Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons" on Form BE-180. This mandatory five-year benchmark survey collects data on sales to, and purchases from, foreign persons by U.S. financial services providers, including investment advisers and managers, funds, trusts, other financial vehicles, broker-dealers and banks. The BEA uses the information collected on Form BE-180 to formulate U.S. policy, and to analyze the impact of that policy and the policies of foreign countries, on such international transactions.

Who Must File?

Each U.S. "financial services provider" who (i) had combined sales to, or combined purchases from, foreign persons of "financial services" in excess of $3 million for fiscal year 2014, or (ii) had combined sales and combined purchases of financial services of $3 million or less and was notified by the BEA about the survey (each, a "U.S. Reporter"). Any U.S. person that was notified by the BEA about the survey, but has no transactions of the types of services covered, is required to complete pages 1 through 3 of the survey.

U.S. "financial services providers" include, but are not limited to, investment advisers and managers, funds, trusts, and other financial vehicles (including mutual funds, pension funds, real estate investment trusts, investors, stock quotation services, etc.), security and commodity futures brokers, dealers, exchanges, traders, underwriters, investment bankers, and providers of securities custody services; as well as, insurance carriers and related activities (including agents, brokers, and services providers), banks and depository institutions.

For example, a U.S. investment manager or adviser to an offshore investment vehicle or foreign resident should include all management fees and profit allocations accrued in fiscal year 2014 as sales of financial services for purposes of determining whether it has provided financial services in excess of $3 million.

Covered Financial Services

The types of "financial services" to be reported are intended to encompass a broad array of services, including, but not limited to, financial advisory and management services, brokerage services, insurance services, underwriting and private placement services, credit-related services, securities lending services, services related to trading, issuing, dealing, underwriting, lending and custody of financial instruments and other financial services.

Only those financial services provided by a U.S. Reporter to foreign entities and foreign individuals are required to be reported. Financial services provided by a U.S. Reporter to a U.S. affiliate of a foreign firm and transactions between a foreign person and foreign affiliate of a U.S. Reporter generally are not required to be reported.

Filing Deadline

While the BEA encourages U.S. Reporters to file the survey by the original October 1, 2015 due date stated on the form, the BEA has granted the following automatic extensions:

  • File with the BEA no later than November 1, 2015 if the U.S. Reporter (i) was notified of the BE-180 survey by the BEA and has a BE-180 identification number below 140012490, or (ii) was NOT notified by the BEA and does NOT have a BE-180 identification number.
  • File with the BEA no later than December 1, 2015 if the U.S. Reporter was notified of the BE-180 survey by the BEA and has a BE-180 identification number above 140012490.

Additional extensions will be considered by the BEA if submitted pursuant to the BEA's instructions by November 1, 2015. Persons who fail to file a required report may be subject to civil and criminal penalties.

The BE-180 form, instructions and frequently asked questions are available on the BEA website, which may be accessed by clicking this link: http://www.bea.gov/ssb/be180/.