Notice2024-17180
Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Services Surveys: BE-185, Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 5, 2024
Issuing agencies
Commerce DepartmentEconomic Analysis Bureau
Abstract
The Department of Commerce, in accordance with the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to comment on proposed and continuing information collections, which helps us assess the impact of our information collection requirements and minimize the public's reporting burden. The purpose of this notice is to allow for 60 days of public comment preceding submission of the collection to OMB.
Full Text
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<title>Federal Register, Volume 89 Issue 150 (Monday, August 5, 2024)</title>
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[Federal Register Volume 89, Number 150 (Monday, August 5, 2024)]
[Notices]
[Pages 63398-63400]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17180]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
Agency Information Collection Activities; Submission to the
Office of Management and Budget (OMB) for Review and Approval; Comment
Request; Services Surveys: 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 information collection, request for comment.
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SUMMARY: The Department of Commerce, in accordance with the Paperwork
Reduction Act of 1995 (PRA), invites the general public and other
Federal agencies to comment on proposed and continuing information
collections, which helps us assess the impact of our information
collection requirements and minimize the public's reporting burden. The
purpose of this notice is to allow for 60 days of public comment
preceding submission of the collection to OMB.
DATES: To ensure consideration, comments regarding this proposed
information collection must be received on or before October 4, 2024.
ADDRESSES: Interested persons are invited to submit written comments to
Christopher Stein, Chief, Services Surveys Branch, Bureau of Economic
[[Page 63399]]
Analysis, by email to <a href="/cdn-cgi/l/email-protection#06656e746f757269766e6374287572636f684664636728616970"><span class="__cf_email__" data-cfemail="385b504a514b4c5748505d4a164b4c5d5156785a5d59165f574e">[email protected]</span></a> or <a href="/cdn-cgi/l/email-protection#b7e7e5f6d4d8dadad2d9c3c4f7d5d2d699d0d8c1"><span class="__cf_email__" data-cfemail="9acac8dbf9f5f7f7fff4eee9daf8fffbb4fdf5ec">[email protected]</span></a>.
Please reference OMB Control Number 0608-0065 in the subject line of
your comments. Do not submit Confidential Business Information or
otherwise sensitive or protected information.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
specific questions related to collection activities should be directed
to Christopher Stein, Chief, Services Surveys Branch, Bureau of
Economic Analysis; 301-278-9189; or via email at
<a href="/cdn-cgi/l/email-protection#afccc7ddc6dcdbc0dfc7cadd81dcdbcac6c1efcdcace81c8c0d9"><span class="__cf_email__" data-cfemail="a0c3c8d2c9d3d4cfd0c8c5d28ed3d4c5c9cee0c2c5c18ec7cfd6">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Abstract
The Quarterly Survey of Financial Services Transactions between
U.S. Financial Services Providers and Foreign Persons (Form BE-185) is
an ongoing survey that collects data from U.S. persons who engage in
covered financial services transactions with foreign persons. A U.S.
person means any individual, branch, partnership, associated group,
association, estate, trust, corporation, or other organization (whether
or not organized under the laws of any State), resident in the United
States or subject to the jurisdiction of the United States. A U.S.
person must report if they had combined sales of covered financial
services to foreign persons that exceeded $20 million for the previous
fiscal year or are expected to exceed that amount during the current
fiscal year, or if they had combined purchases of covered financial
services from foreign persons that exceeded $15 million for the
previous fiscal year, or are expected to exceed that amount during the
current fiscal year.
The data are needed to monitor U.S. trade in financial services, to
analyze the impact of these cross-border services on the U.S. and
foreign economies, to compile and improve the U.S. economic accounts,
to support U.S. commercial policy on trade in financial services, to
conduct trade promotion, and to improve the ability of U.S. businesses
to identify and evaluate market opportunities. The data are used in
estimating the trade in financial services component of the U.S.
international transactions accounts (ITAs) and national income and
product accounts (NIPAs).
The Bureau of Economic Analysis (BEA) is proposing a single
modification to the survey beginning with reporting for the first
quarter of 2025. BEA proposes to collect sales and purchases of
underwriting and private placement services separately for equity and
debt instruments. Currently, the BE-185 quarterly survey collects sales
and purchases of underwriting services for these types of instruments
as a single type of financial service. This proposed breakout by
instrument type would better align these services transactions with
other source data used to produce financial account transactions, which
also include a debt and equity breakout. The breakout would thus allow
for methodological improvements to the estimation of fees and
commissions used to produce financial account transactions. Lastly, the
change would align the service types collected on the BE-185 quarterly
survey with those collected on the BE-180 Benchmark Survey of Financial
Services Transactions between U.S. Financial Services Providers and
Foreign Persons.
BEA estimates there will be no change in the average number of
burden hours per response because reporters are already providing these
data on their survey as a combined service type. Additionally, BEA
believes the data are readily available in their accounting records and
reporters are familiar with the breakout since the BE-180 benchmark
survey already collects the data separately for equity and debt
instruments.
BEA does not plan to change the exemption levels used for the
current quarterly survey. The language in the instructions and
definitions will be reviewed and adjusted as necessary to clarify
survey requirements.
II. Method of Collection
BEA contacts potential respondents by mail at the end of each
quarter. Respondents would be required to file the completed BE-185
forms within 30 days after the end of each fiscal quarter that is not
the final fiscal quarter of the year and within 45 days after the close
of the final fiscal quarter of the year. Reports would be required from
each U.S. person that had combined sales of covered financial services
to foreign persons that exceeded $20 million for the previous fiscal
year, or are expected to exceed that amount during the current fiscal
year, or that had combined purchases of covered financial services from
foreign persons that exceeded $15 million for the previous fiscal year,
or that are expected to exceed that amount during the current fiscal
year. Entities required to report will be contacted individually by
BEA. Entities not contacted by BEA have no reporting responsibilities.
BEA offers its electronic filing option, the eFile system, for use
in reporting on Form BE-185. For more information about eFile, go to
<a href="http://www.bea.gov/efile">www.bea.gov/efile</a>. In addition, BEA posts all its survey forms and
reporting instructions on its website, <a href="http://www.bea.gov/ssb">www.bea.gov/ssb</a>. These may be
downloaded, completed, printed, and submitted via fax or mail.
III. Data
OMB Control Number: 0608-0065.
Form Number(s): BE-185.
Type of Review: Regular submission.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,860 annually (715 filed each
quarter; 580 reporting mandatory data and 135 that would file exemption
claims or voluntary responses).
Estimated Time per Response: 10 hours is the average for the
respondents filing mandatory data and 1 hour for those filing an
exemption claim or voluntary response. Hours may vary considerably
among respondents because of differences in company size and
complexity.
Estimated Total Annual Burden Hours: 23,740.
Estimated Total Annual Cost to Public: $0.
Respondent's Obligation: Mandatory.
Legal Authority: International Investment and Trade in Services
Survey Act (Pub. L. 94-472, 22 U.S.C. 3101-3108, as amended), and
section 5408 of the Omnibus Trade and Competitiveness Act of 1988.
IV. Request for Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Agency, including whether the information will have practical
utility; (b) the accuracy of the Agency's estimate of the burden
(including hours and cost) of the proposed collection of information;
(c) ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology.
Comments that you submit in response to this notice are a matter of
public record. We will include or summarize each comment in our request
to OMB to approve this Information Collection Request (ICR). Before
including your address, phone number, email address, or other personal
identifying information in your comment, you should be aware that your
entire comment--including your personal identifying information--may be
made publicly available at any time. While you may ask us in your
comment
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to withhold your personal identifying information from public review,
we cannot guarantee that we will be able to do so.
Sheleen Dumas,
Department PRA Clearance Officer, Office of the Under Secretary of
Economic Affairs, Commerce Department.
[FR Doc. 2024-17180 Filed 8-2-24; 8:45 am]
BILLING CODE 3510-06-P
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