[Federal Register Volume 65, Number 151 (Friday, August 4, 2000)]
[Notices]
[Pages 47950-47951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19720]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposal To Collect Information on Transactions of U.S. 
Affiliates With Their Foreign Parents; Proposed Collection

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 3, 2000.

ADDRESSES: Direct all written comments to Linda Engelmeier, 
Departmental Forms Clearance Officer, Department of Commerce, Room 
6086, 14th and Constitution Avenue, NW, Washington, DC 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, DC 20230 
(Telephone: 202-606-9800).

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Transactions of U.S. Affiliate, Except a U.S. Banking 
Affiliate, with Foreign Parent (Form BE-605) and Transactions of U.S. 
Banking Affiliate with Foreign Parent (Form BE-605 Bank), obtain 
quarterly cut-off sample data on transactions and positions between 
foreign-owned U.S. business enterprises and their ``affiliated foreign 
group'' (i.e., their foreign parents and foreign affiliates of their 
foreign parents). The data are needed for compiling the international 
transactions accounts, input-output accounts, and national income and 
product accounts of the United States. The data are also needed to 
measure the amount of foreign direct investment in the United States, 
monitor changes in such investment, assess its impact on the U.S. and 
foreign economies, and, based upon this assessment, make informed 
policy decisions regarding foreign direct investment in the United 
States.
    BEA is proposing the following three changes to the forms and 
instructions:

[[Page 47951]]

    1. Revise and clarify the instructions for reporting of net income 
and capital gains by banks, dealers in financial instruments, and 
companies in finance, insurance, or real estate.
    2. Modify the detail on services transactions on Form BE-605 by 
adding two categories--management and consulting and research and 
development--and dropping one--communications services. These changes 
will improve the usefulness of the detail on services by type without 
materially affecting the average burden imposed on respondents. 
Services by type are not collected on Form BE-605 Bank.
    3. Eliminate a special instruction requiring that accruals under 
the terms of interest rate and foreign currency swap agreements be 
reported as ``interest'' on a net basis. This change will bring 
reporting into conformity with new international guidelines, which 
require such transactions to be treated as financial flows rather than 
interest.

II. Method of Collection

    Forms BE-605 and BE-605 Bank are quarterly reports that must be 
filed within 30 days after the end of each quarter (45 days after the 
final quarter of the respondent's fiscal year) by every U.S. business 
enterprise that is owned 10 percent or more by a foreign investor and 
that has total assets, sales, or net income (or loss) of over $30 
million. Potential respondents are those U.S. business enterprises that 
reported in the last benchmark survey of foreign direct investment in 
the United States, along with those U.S. business enterprises that 
subsequently entered the direct investment universe. The data collected 
are cut-off sample data covering transactions and positions between 
foreign-owned U.S. business enterprises and their affiliated foreign 
groups. Universe estimates are developed from the reported sample data.

III. Data

    OMB Number: 0608-0009.
    Form Number: BE-605/BE-605 Bank.
    Type of Review: Regular submission.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 3,950 per quarter; 15,800 
annually.
    Estimated Time Per Response: 1\1/4\ hours.
    Estimated Total Annual Burden: 19,750 hours.
    Estimated Total Annual Cost: $592,500 (based on an estimated 
reporting burden of 19,750 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, 2000.
Madeleine Clayton,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 00-19720 Filed 8-3-00; 8:45 am]
BILLING CODE 3510-06-P