[Federal Register Volume 62, Number 152 (Thursday, August 7, 1997)]
[Notices]
[Page 42486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20756]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
Proposal To Collect Information on the Initial Report on a
Foreign Person's Direct or Indirect Acquisition, Establishment, or
Purchase of a U.S. Business Enterprise
ACTION: Proposed collection; comment request.
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SUMMARY: The Department of Commerce, as part of its continuing effort
to reduce paperwork and respondent burden, invites the general public
and other Federal agencies to comment on proposed and/or continuing
information collections, as required by the Paperwork Reduction Act of
1995, Pub. L. 104-13 (44 U.S.C. 3506(c)(2)(A)).
DATES: Written comments must be submitted on or before October 6, 1997.
ADDRESSES: Direct all written comments to Linda Engelmeier,
Departmental Forms Clearance Officer, Department of Commerce, Room
5327, 14th and Constitution Avenue, NW, Washington, D.C. 20230.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection instruments and instructions
should be directed to: R. David Belli, U.S. Department of Commerce,
Bureau of Economic Analysis, BE-50(OC), Washington, D.C. 20230
(Telephone: 202-606-9800).
SUPPLEMENTARY INFORMATION:
I. Abstract
The Initial Report on a Foreign Person's Direct or Indirect
Acquisition, Establishment, or Purchase of the Operating Assets, of a
U.S. Business Enterprise, Including Real Estate (Form BE-13) and the
Report by a U.S. Person Who Assists or Intervenes in the Acquisition of
a U.S. Business Enterprise by, or Who Enters Into a Joint Venture with,
a Foreign Person (Form BE-14) obtain initial data on new foreign direct
investment in the United States. The survey collects identification
information on, and limited financial and operating data for, the U.S.
entity being established or acquired. It also collects identification
information on the new foreign owner. The data are needed to measure
the amount of new foreign direct investment in the United States,
monitor changes in such investment, assess its impact on the U.S.
economy, and, based upon this assessment, make informed policy
decisions regarding foreign direct investment in the United States.
This survey is being revised to bring it into conformity with the
proposed design of the BE-12, Benchmark Survey of Foreign Direct
Investment in the United States--1997. Beginning with reports covering
1998 transactions, BEA plans to raise the exemption level for reporting
to $3 million (measured by the acquired or established company's total
assets) from $1 million, thereby reducing respondent burden for small
companies. A concomitant requirement that a report be filed for all
acquisitions of 200 or more acres of U.S. land will not be changed. BEA
also proposes to base industry coding of reporting companies on the new
North American Industry Classification System (NAICS) in place of the
current system, which is based on the U.S. Standard Industrial
Classification System. No changes are being proposed for Form BE-14,
except that the exemption for reporting is raised to correspond to the
new threshold for Form BE-13.
II. Method of Collection
The BE-13 survey must be filed by every U.S. business with over $3
million of assets or 200 or more acres of U.S. land that is acquired to
the extent of 10 percent or more, or is established, by a foreign
investor. It is a one-time report that must be filed within 45 days of
the acquisition or establishment. An exemption claim must be filed for
transactions that do not meet the exemption levels of $3 million of
assets or 200 acres of land. The BE-14 survey is filed by a person who
assists in an investment transaction, such as a real estate broker or
attorney, or who enters into a U.S. joint venture with a foreign
person. Its purpose is to provide BEA with the name and address of the
newly established or acquired U.S. company, so that a BE-13 form can be
mailed to it for completion.
III. Data
OMB Number: 0608-0035.
Form Number: BE-13/BE-14.
Type of Review: Regular submission.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 1,200 annually.
Estimated Time Per Response: 1\1/2\ hours.
Estimated Total Annual Burden: 1,800 hours.
Estimated Total Annual Cost: $54,000 (based on an estimated
reporting burden of 1,800 hours and an estimated hourly cost of $30).
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 has 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 submitted in response to this notice will be summarized
and/or included in the request for OMB approval of this information
collection; they also will become a matter of public record.
Dated: July 31, 1997.
Linda Engelmeier,
Departmental Forms Clearance Officer, Office of Management and
Organization.
[FR Doc. 97-20756 Filed 8-6-97; 8:45 am]
BILLING CODE 3510-06-P