As reported in our bulletin dated May 8, 2015, the Bureau of Economic Analysis (“BEA”) previously announced a deadline of May 29, 2015 to file Form BE-10. The deadline was June 30, 2015 for those filers required to file 50 or more Forms BE-10. BEA just extended the deadline for all Form BE-10 filings to June 30, 2015. This extension is limited, however, to companies and individuals who have never before filed a Form BE-10.

BE-10 reports must be submitted by companies who directly or indirectly owned 10 percent or more of a foreign enterprise at any time during fiscal year 2014. Owning a “foreign affiliate” is defined as having “direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, including a branch at any time during the U.S. person’s 2014 fiscal year.”

Any company or individual that fails to file is subject to a fine of up to US$25,000 and/or up to one year in prison for individuals.