Notice2022-01668
BE-185: Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons
Primary source
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Published
January 28, 2022
Issuing agencies
Commerce DepartmentEconomic Analysis Bureau
Abstract
By this Notice, the Bureau of Economic Analysis (BEA), Department of Commerce, is informing the public that it is conducting the mandatory survey titled Quarterly Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons (BE-185). The data collected on the BE-185 survey are needed to measure U.S. trade in financial services and to analyze the impact of U.S. trade on the U.S. and foreign economies. This survey is authorized by the International Investment and Trade in Services Survey Act and by Section 5408 of the Omnibus Trade and Competitiveness Act of 1988.
Full Text
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<title>Federal Register, Volume 87 Issue 19 (Friday, January 28, 2022)</title>
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[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4556-4557]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01668]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
[Docket No. 220119-0027]
RIN 0691-XC129
BE-185: Quarterly Survey of Financial Services Transactions
Between U.S. Financial Services Providers and Foreign Persons
AGENCY: Bureau of Economic Analysis, Commerce.
ACTION: Notice of reporting requirements.
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SUMMARY: By this Notice, the Bureau of Economic Analysis (BEA),
Department of Commerce, is informing the public that it is conducting
the mandatory survey titled Quarterly Survey of Financial Services
Transactions between U.S. Financial Services Providers and Foreign
Persons (BE-185). The data collected on the BE-185 survey are needed to
measure U.S. trade in financial services and to analyze the impact of
U.S. trade on the U.S. and foreign economies. This survey is authorized
by the International Investment and Trade in Services Survey Act and by
Section 5408 of the Omnibus Trade and Competitiveness Act of 1988.
FOR FURTHER INFORMATION CONTACT: Christopher Stein, Chief, Services
Surveys Branch, Balance of Payments Division, via phone at (301) 278-
9189 or via email at <a href="/cdn-cgi/l/email-protection#bdfed5cfd4cec9d2cdd5d8cf93eec9d8d4d3fddfd8dc93dad2cb"><span class="__cf_email__" data-cfemail="a6e5ced4cfd5d2c9d6cec3d488f5d2c3cfc8e6c4c3c788c1c9d0">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Through this Notice, BEA publishes the
reporting requirements for the BE-185 survey form. As noted below, all
entities required to respond to this mandatory survey will be contacted
by BEA. Entities must submit the completed survey forms within 30 days
after the end of each fiscal quarter, except for the final quarter of
the entity's fiscal year when reports must be filed within 45 days.
This Notice is being issued in conformance with the rule BEA issued on
April 24, 2012 (77 FR 24373), establishing guidelines for collecting
data on international trade in services and direct investment through
notices, rather than through rulemaking. Additional information about
BEA's collection of data on international trade in services and direct
investment can be found in the 2012 rule, the International Investment
and Trade in Services Survey Act (22 U.S.C. 3101 et seq.), and 15 CFR
part 801, and by section 5408 of the Omnibus Trade and Competitiveness
Act of 1988 (Pub. L. 100-418, 15 U.S.C. 4908(b)). Survey data on
international trade in services and direct investment that are not
collected pursuant to the 2012 rule are described separately in 15 CFR
part 801. The BE-185 survey form and instructions are available at
<a href="http://www.bea.gov/ssb">www.bea.gov/ssb</a>.
Reporting
Notice of specific reporting requirements, including who is to
report, the information to be reported, the manner of reporting, and
the time and place of filing reports, will be mailed to those required
to complete this survey.
Who Must Report: (a) Reports are required from each U.S. person who
had combined reportable sales of financial services to foreign persons
that exceeded $20 million during the previous fiscal year, or are
expected to exceed that amount during the current fiscal year; or had
combined reportable purchases of financial services from foreign
persons that exceeded $15 million during the previous fiscal year, or
are expected to exceed that amount during the current fiscal year.
Because the thresholds are applied separately to sales and purchases,
the reporting requirements may apply only to sales, only to purchases,
or to both. See BE-185 survey form for more details.
(b) Entities required to report will be contacted individually by
BEA. Entities not contacted by BEA have no reporting responsibilities.
What To Report: The survey collects information on transactions in
financial services between U.S. financial services providers and
foreign persons.
How To Report: Reports can be filed using BEA's electronic
reporting system at <a href="http://www.bea.gov/efile">www.bea.gov/efile</a>. Copies of the survey forms and
instructions, which contain complete information on reporting
procedures and definitions, can be downloaded from <a href="http://www.bea.gov/ssb">www.bea.gov/ssb</a> and
submitted through mail or fax. Form BE-185 inquiries can be made by
phone to BEA at (301) 278-9303 or by sending an email to <a href="/cdn-cgi/l/email-protection#f69493dbc7cec39e939a86b6949397d8919980"><span class="__cf_email__" data-cfemail="8fedeaa2beb7bae7eae3ffcfedeaeea1e8e0f9">[email protected]</span></a>.
When To Report: Reports are due to BEA 30 days after the end of
each fiscal quarter, except for the final quarter of the entity's
fiscal year when reports must be filed within 45 days.
[[Page 4557]]
Paperwork Reduction Act Notice
This data collection has been approved by the Office of Management
and Budget (OMB) in accordance with the Paperwork Reduction Act and
assigned control number 0608-0065. An agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a valid control number assigned by OMB.
Public reporting burden for this collection of information is estimated
to average 10 hours per response. Additional information regarding this
burden estimate may be viewed at <a href="http://www.reginfo.gov">www.reginfo.gov</a>; under the Information
Collection Review tab, click on ``Search'' and use the above OMB
control number to search for the current survey instrument. Send
comments regarding this burden estimate to Christopher Stein, Chief,
Services Surveys Branch, Balance of Payments Division, via email at
<a href="/cdn-cgi/l/email-protection#b3f0dbc1dac0c7dcc3dbd6c19de0c7d6daddf3d1d6d29dd4dcc5"><span class="__cf_email__" data-cfemail="6b28031902181f041b030e1945381f0e02052b090e0a450c041d">[email protected]</span></a>; and to the Office of Management and Budget,
Paperwork Reduction Project 0608-0065, via email at
<a href="/cdn-cgi/l/email-protection#5817110a19070b2d3a35312b2b3137361837353a763d3728763f372e"><span class="__cf_email__" data-cfemail="e4abadb6a5bbb79186898d97978d8b8aa48b8986ca818b94ca838b92">[email protected]</span></a>.
Authority: 22 U.S.C. 3101-3108 and 15 U.S.C. 4908(b).
Paul W. Farello,
Associate Director for International Economics, Bureau of Economic
Analysis.
[FR Doc. 2022-01668 Filed 1-27-22; 8:45 am]
BILLING CODE 3510-06-P
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