Under the International Investment and Trade in Services Survey Act of 1977, the U.S. Bureau of Economic Analysis in the Department of Commerce conducts a “benchmark survey” of U.S. direct investment abroad every five years. U.S.-based companies with ownership of “foreign affiliates” are required by law to participate in the survey by completing and submitting a series of forms known as the BE-10 survey. It’s been a while since fund managers have seen this request and my wonder if it applies. (It does.)
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Private funds may be required to participate in the BE-10 survey if they own “foreign affiliates,” either directly or through portfolio companies they control. The initial deadline for completion of the survey was June 30, bu the BEA has granted extensions for private funds that requested them through August 31.
In particular you should note that willfully failing to fill out the survey could result in criminal punishment. At least that it is what the instructions say.
The Association for Corporate Growth and the U.S. Bureau of Economic Analysis will be holding a webinar on Thursday, July 16 at 2:00 p.m. ET to discuss how the BE-10 survey applies to private funds and answer questions. This webinar will explain the filing requirements, offer tips and answer questions to assist private funds in completing the survey.
The BEA wants to hear from you! Submit your questions for this webinar in advance to sgluck@Venable.com or alandis@acg.org.