[Federal Register Volume 71, Number 53 (Monday, March 20, 2006)]
[Notices]
[Pages 13960-13961]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-3948]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Quarterly Survey of Financial Services Transactions Between U.S. 
Financial Services Providers and Unaffiliated Foreign Persons

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

DATES: Written comments must be submitted on or before 5 p.m. May 19, 
2006.

ADDRESSES: Direct all written comments to Diane Hynek, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6625, 14th 
and Constitution Avenue, NW., Washington, DC 20230, or via the Internet 
at [email protected], ((202) 482-0266).

FOR FURTHER INFORMATION CONTACT: Direct requests for additional 
information or copies of the survey and instructions to Christopher 
Emond, Chief, Special Surveys Branch, International Investment 
Division, (BE-50), Bureau of Economic Analysis, U.S. Department of 
Commerce, Washington, DC 20230; phone: (202) 606-9826; fax: (202) 606-
5318; or via the Internet at [email protected].

SUPPLEMENTARY INFORMATION: 

I. Abstract

    Form BE-85, Quarterly Survey of Financial Services Transactions 
Between U.S. Financial Services Providers and Unaffiliated Foreign 
Persons, obtains quarterly data from financial services providers that 
have receipts from or payments to unaffiliated foreign persons in the 
financial services covered by the survey. The data are needed to 
monitor trade in financial services, analyze its impact on the U.S. and 
foreign economies, compile and improve the U.S. economic accounts, 
support U.S. commercial policy on financial services, conduct trade 
promotion, and improve the ability of U.S. businesses to identify and 
evaluate market opportunities.
    The data from the survey are primarily intended as general purpose 
statistics. They are needed to answer any number of research and policy 
questions related to cross-border trade in services.
    The form remains the same as in the past. No changes in the data 
collected or in exemption levels are proposed.

II. Method of Collection

    Survey forms will be sent to U.S. companies each quarter; responses 
will be due within 45 days after the close of each fiscal quarter, 
except for the final quarter of the fiscal year, when the reports are 
due within 90 days after the close of the quarter. Potential 
respondents are U.S. financial services providers that have receipts 
from unaffiliated foreign persons in the financial services covered by 
the survey greater than $20 million for the prior calendar year or that 
are expected to be greater than $20 million in the current calendar 
year; or that have payments to unaffiliated foreign persons in the 
financial services covered by the survey greater than $15 million for 
the prior calendar year or that are expected to be greater than $15 
million in the current calendar year . The data collected are cut-off 
sample data. In addition, estimates are developed based upon previously 
reported or estimated data for non-respondents, including those 
companies that fall below the reporting threshold for the survey.

III. Data

    OMB Number: 0608-0065.
    Form Number: BE-85.
    Type of Review: Regular submission.
    Affected Public: U.S. financial services companies that transact 
financial services with unaffiliated foreign persons.
    Estimated Number of Respondents: 125 per quarter; 500 annually.

[[Page 13961]]

    Estimated Time Per Response: 10 hours.
    Estimated Total Annual Burden Hours: 5,000 hours.
    Estimated Total Annual Cost: $200,000 (based on an estimated 
reporting burden of 5,000 hours and an estimated hourly cost of $40).
    Respondent's Obligation: Mandatory.

    Legal Authority: The International Investment and Trade in 
Services Survey Act, 22 U.S.C. 3101-3108, as amended.

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 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: March 14, 2006.
Madeleine Clayton,
Management Analyst, Office of Chief Information Officer.
 [FR Doc. E6-3948 Filed 3-17-06; 8:45 am]
BILLING CODE 3510-06-P