The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce recently issued amended regulations relating to its 2014 Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons on Form BE-180 (BE-180). The BE-180 is a survey conducted every five years that collects data on transactions between U.S. financial services providers and non-U.S. persons. Previously, only those U.S. financial services providers contacted by the BEA were required to file.However, the BEA now requires a filing from every U.S. financial services provider, regardless of whether such person is contacted by the BEA, if either its aggregate sales of financial services to, or its aggregate purchases of financial services from, non-U.S. persons were greater than $3 million during its 2014 fiscal year.1
The BE-180 requires data by type of service, type of affiliation with the non-U.S. person and country. Under the BE-180, the definition of a financial services provider is very broad and includes, among others, commercial and investment banks, broker-dealers, credit card companies, insurance companies and investment advisers. Financial services include securities trading and underwriting, lending and custody of financial instruments, financial advisory or management services and credit card and credit- related services. A U.S. investment adviser to private equity, hedge and other private funds is considered a financial services provider and therefore may have to file a BE-180 based on management fees, performance fees and certain other types of compensation2 earned from client funds and portfolio companies domiciled outside the U.S. during the adviser’s 2014 fiscal year. An adviser must also analyze any purchases of financial services from non-U.S. persons for purposes of determining whether a BE-180 filing is required.
Portfolio companies that are themselves U.S. financial services providers may have their own BE-180 filing obligation.
Information reported on the BE-180 is confidential and may be used only for analytical or statistical purposes. The BEA has stated that information filed on the survey cannot be presented in a manner that allows it to be individually identified without the filer’s prior written permission, and cannot be used for purposes of taxation, investigation, or regulation.
While the original filing deadline was October 1, 2015, the BEA has granted an automatic extension until November 1, 2015 (December 1 if the filer was contacted by the BEA and meets other criteria). The BEA may grant additional extensions if a request is submitted by November 1. The BE-180 and accompanying instructions, a list of Frequently Asked Questions and additional information can be found on the BEA’s website at http://www.bea.gov/ssb/be180/.