[Federal Register Volume 85, Number 37 (Tuesday, February 25, 2020)]
[Proposed Rules]
[Pages 10628-10632]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03727]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis

15 CFR Part 801

[200219-0058]
RIN 0691-AA90


International Services Surveys: BE-180 Benchmark Survey of 
Financial Services Transactions Between U.S. Financial Services 
Providers and Foreign Persons

AGENCY: Bureau of Economic Analysis, Commerce.

ACTION: Notice of proposed rulemaking.

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SUMMARY: This proposed rule would amend regulations of the Department 
of Commerce's Bureau of Economic Analysis (BEA) to renew reporting 
requirements for the mandatory BE-180 Benchmark Survey of Financial 
Services Transactions between U.S. Financial Services Providers and 
Foreign Persons. This survey will apply to the 2019 fiscal reporting 
year. This mandatory benchmark survey, conducted under the authority of 
the International Investment and Trade in Services Survey Act, covers 
the universe of transactions in financial services and is BEA's most 
comprehensive survey of such transactions. For the 2019 benchmark 
survey, BEA proposes several changes in the data items collected and 
the design of the survey form.

DATES: Comments on this proposed rule will receive consideration if 
submitted in writing on or before 5:00 p.m. April 27, 2020.

ADDRESSES: You can submit comments, identified by RIN 0691-xxxx, and 
referencing the agency name (Bureau of Economic Analysis), by any of 
the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. For Keyword or ID, 
enter ``EAB-2019-0003.''
     Email: [email protected].
     Fax: Christopher Stein, Chief, Services Surveys Branch, 
Balance of Payments Division, (301) 278-9507.
     Mail: Christopher Stein, Chief, Services Surveys Branch 
(BE-50), Balance of Payments Division, Bureau of Economic Analysis, 
U.S. Department of Commerce, 4600 Silver Hill Rd., Washington, DC 
20233.
     Hand Delivery/Courier: Christopher Stein, Chief, Services 
Surveys Branch (BE-50), Balance of Payments Division, Bureau of 
Economic Analysis, U.S. Department of Commerce, 4600 Silver Hill Rd., 
Suitland, MD 20746.
    Written comments regarding the burden-hour estimates or other 
aspects of the collection-of-information requirements contained in the 
proposed rule should be sent to both BEA through any of the methods 
above and to the Office of Management and Budget (OMB), OIRA, Paperwork 
Reduction Project 0608-0062, Attention PRA Desk Officer for BEA, via 
email at [email protected], or by fax at 202-395-7245.
    Public Inspection: All comments received are a part of the public 
record and will generally be posted to http://www.regulations.gov 
without change. All personal identifying information (for example, 
name, address, etc.) voluntarily submitted by the commenter may be 
publicly accessible. Do not submit confidential business information or 
otherwise sensitive or protected information. BEA will accept anonymous 
comments (enter N/A in required fields if you wish to remain 
anonymous). Attachments to electronic comments will be accepted in 
Microsoft Word, Excel, or Adobe portable document file (pdf) formats 
only.

FOR FURTHER INFORMATION CONTACT: Christopher Stein, Chief, Services 
Surveys Branch (BE-50), Balance of Payments Division, Bureau of 
Economic Analysis, U.S. Department of Commerce, 4600 Silver Hill Rd., 
Washington, DC 20233; email [email protected] or phone (301) 
278-9189.

SUPPLEMENTARY INFORMATION: The BE-180 Benchmark Survey of Financial 
Services Transactions between U.S. Financial Services Providers and 
Foreign Persons is a mandatory survey and is conducted once every five 
years by BEA under the authority provided by the International 
Investment and Trade in Services Survey Act (Pub. L. 94-472, 90 Stat. 
2059, 22 U.S.C. 3101-3108, as amended) (the Act), and by Section

[[Page 10629]]

5408 of the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 
4908(b)). The Act provides that data reported to BEA on this survey are 
confidential and may be used only for analytical and statistical 
purposes. Without prior written permission from the survey respondent, 
the data collected cannot be presented in a manner that allows 
individual responses to be identified. An individual respondent's 
report cannot be used for purposes of taxation, investigation, or 
regulation. Copies retained by BEA are exempt from legal process. Per 
the Federal Cybersecurity Enhancement Act of 2015 (Division N, Title 
II, Subtitle B, Pub. L. 114-113), a respondent's data are protected 
from cybersecurity risks through security monitoring of the BEA 
information systems.
    A response is required from persons subject to the reporting 
requirements of the BE-180, whether or not they are contacted by BEA, 
to ensure complete coverage of transactions in financial services 
between U.S. persons (any individual or organization subject to the 
jurisdiction of the United States) and foreign persons.
    In 2012, BEA established regulatory guidelines for collecting data 
on international trade in services and direct investment (77 FR 24373; 
April 24, 2012). This proposed rule, as published, would amend those 
regulations to require a response from persons subject to the reporting 
requirements of the BE-180, whether or not they are contacted by BEA.
    The BE-180 benchmark survey is intended to cover the universe of 
financial services transactions of U.S. financial services companies 
with foreign persons and is BEA's most comprehensive survey of such 
transactions. In nonbenchmark years, the universe of estimates covering 
these transactions are derived from the sample data reported on BEA's 
BE-185 Quarterly Survey of Financial Services Transactions between U.S. 
Financial Services Providers and Foreign Persons. The BE-185 and the 
BE-180 collect similar information. BEA uses cutoff sampling for the 
BE-185, meaning that respondents must report on the BE-185 only if they 
had combined sales to foreign persons that exceeded $20 million or 
combined purchases from foreign persons that exceeded $15 million in 
any one of the 10 covered financial services transaction categories 
during fiscal year 2019. The sample of respondents that file on a 
quarterly basis throughout fiscal year 2019 will also be required to 
report on the 2019 BE-180 survey. BEA reconciles the annual data from 
the BE-180 survey with the quarterly data reported on the BE-185 survey 
by comparing quarterly to annual submissions that are typically 
completed using audited information.
    The benchmark data, which include data from respondents not subject 
to filing on an ongoing quarterly basis, will be used, in conjunction 
with quarterly data collected on the companion BE-185 survey, to 
produce quarterly estimates of financial services transactions for 
BEA's international transactions accounts, national income and product 
accounts, and industry accounts. If this information is not collected 
on the BE-180 survey, BEA would need to expand the scope of the BE-185 
quarterly survey in order to collect additional data items and reduce 
reporting thresholds. Expanding the BE-185 quarterly survey in this way 
would result in an increased number of respondents and a measurable 
increase in the reporting burden each quarter. The data collected 
through the BE-180 are needed to monitor U.S. trade in financial 
services, to analyze the impact of U.S. trade in financial services on 
the U.S. economy and on foreign economies, to compile and improve the 
U.S. economic accounts, to support U.S. commercial policy on trade in 
services, to conduct trade promotion activities, and to improve the 
ability of U.S. businesses to identify and evaluate market 
opportunities.
    This proposed rule would amend 15 CFR part 801 by adding new Sec.  
801.13 to set forth the reporting requirements for the BE-180 Benchmark 
Survey of Financial Services Transactions between U.S. Financial 
Services Providers and Foreign Persons. A full list of the financial 
services transactions covered by the BE-180 survey can be found in the 
regulatory text of this proposed rule in new Sec.  801.13(d). This 
includes brokerage services, underwriting and private placement 
services related to equity transactions and debt transactions, 
financial management services, credit-related services, credit card 
services, financial advisory and custody services, securities lending 
services, electronic funds transfer services, and other financial 
services.

Description of Changes

    The proposed changes would amend the regulations and the survey 
form for the BE-180 benchmark survey. These amendments include several 
changes in data items collected and the design of the survey form 
relative to the 2014 benchmark survey.
    BEA proposes to change the reporting requirements for respondents 
with transactions in covered services below the threshold for mandatory 
reporting on the schedule(s) of the survey ($3 million in combined 
sales and/or purchases for fiscal year 2019). While responding to 
benchmark surveys is always mandatory, for the previous BE-180 survey, 
respondents with transactions below these thresholds were required only 
to provide a figure for total sales and/or total purchases for all 
covered transactions, combined. These respondents had the option of 
providing additional detail for each covered transaction by transaction 
type, by country, and by affiliation; such additional detail was 
voluntary rather than required. For the 2019 BE-180, however, all 
respondents, regardless of the amount of their transactions in covered 
services would be required to provide a total dollar amount for their 
sales and purchases, as applicable, by transaction type. This 
information would allow BEA to improve the accuracy of the trade 
statistics.
    This change would impose minimal additional burden for respondents 
because the additional information to be reported is information that 
respondents would have needed to compile or estimate previously in 
order to apply the reporting requirements. Under the prior approach, 
respondents would have needed to compile or estimate the dollar amount 
of their sales to and/or purchases from foreigners by transaction type 
in order to determine if their transactions met the threshold for 
mandatory reporting on the schedules. Under the new approach, BEA would 
simply be requiring that respondents report those transaction totals.
    BEA proposes to add five items to the survey. The changes are 
proposed in response to suggestions from data users and to allow BEA to 
more closely align its statistics with international guidelines and 
publish more information on U.S. trade in financial services.
    The following items would be added to the BE-180 benchmark survey:
    (1) Question to request the Legal Entity Identifier (LEI) of the 
survey respondent. Respondents would be asked to provide their 
20[hyphen]digit LEI, if they have one. Obtaining an LEI will not be 
required for the purpose of filing the survey. This information will 
assist in matching entities across databases, enabling better 
verification of data and more direct linking to other surveys and 
publicly available data.
    (2) Questions to collect financial management transactions by type 
of account. Respondents who had financial management transactions 
during the fiscal year would be required

[[Page 10630]]

to disaggregate these transactions, for both sales and purchases, as 
applicable, by type of account (for example, mutual funds; pension 
funds; exchange-traded funds; private equity funds; corporate 
portfolio; individual portfolio; hedge funds; and trusts). This 
additional information can be used to better understand the nature of 
cross-border financial services transactions.
    (3) Questions about the timing of performance fees. Respondents who 
had financial management transactions during fiscal year 2019 would be 
required to provide additional information about whether these 
transactions included fees that are tied to performance and, if so, 
about the timing of those performance fees. Respondents with 
performance fees (receipts and/or payments) during fiscal year 2019 
would be required to distribute them, in a table, based on the 
quarter(s) in which they were received and/or paid. The additional 
detail will be used to improve quarterly estimates.
    (4) Mandatory questions to collect information on financial 
services that were conducted remotely, e.g., where both the supplier 
and the consumer were in different territories when the service is 
delivered. This information would be collected for both sales of 
services performed remotely for foreign persons and for purchases of 
services performed remotely by foreign persons. For transactions in the 
financial services categories covered by the survey, respondents would 
be required to check one of several boxes identifying the percentage of 
their transactions that were conducted remotely, and to identify if 
this information was sourced from their accounting records or from 
recall/general knowledge. Respondents would also be required to check 
one of two boxes identifying how the remainder of the services not 
reported as 100% remotely transacted were typically performed (e.g., by 
the provider traveling to the consumer or by the consumer traveling to 
the provider). This additional detail will allow BEA to break down U.S. 
financial services transactions by the various paths (modes of supply) 
businesses take to access foreign markets. This information is 
important to trade negotiators and other policymakers because trade 
agreements are structured around these modes of supply.
    (5) A question to identify respondents engaged in transactions 
related to cryptocurrency. BEA will add a single question asking 
respondents to identify, of their 2019 cross-border financial services 
reported in the required transaction categories, any that were related 
to cryptocurrency activities. The question would identify respondents 
involved in these transactions without a significant increase in 
reporting burden and ensure accurate reporting within the existing 
transaction categories.
    In addition to the changes described above, BEA proposes to 
redesign the format and wording of the survey. The new survey design 
would incorporate improvements that have been made to other BEA 
surveys. Some improvements are the result of a recent review conducted 
with selected survey respondents during the planning for the 2017 BE-
120 Benchmark Survey of Transactions in Selected Services and 
Intellectual Property with Foreign Persons. BE-180 Benchmark Survey 
instructions and data item descriptions would be changed to improve 
clarity and ensure that the survey form is consistent with other BEA 
surveys.

Executive Order 12866

    This proposed rule has been determined to be not significant for 
purposes of Executive Order 12866. This rule is not an Executive Order 
13771 regulatory action because this rule is not significant for 
purposes of Executive Order 12866.

Executive Order 13132

    This proposed rule does not contain policies with Federalism 
implications sufficient to warrant preparation of a Federalism 
assessment under Executive Order 13132.

Paperwork Reduction Act

    This proposed rule contains a collection-of-information requirement 
subject to review and approval by the Office of Management and Budget 
(OMB) under the Paperwork Reduction Act of 1995, 44 U.S.C. 3501-3520 
(PRA). The requirement will be submitted to OMB for approval as a 
reinstatement, with change, of a previously approved collection under 
OMB control number 0608-0062, for which approval has expired. Surveys 
were collected for the 2014 BE-180 in calendar years 2015 and 2016. No 
survey submissions were solicited by BEA after the expiration and 
discontinuance of the collection in August of 2018.
    Notwithstanding any other provisions of law, no person is required 
to respond to, nor shall any person be subject to a penalty for failure 
to comply with, a collection of information subject to the requirements 
of the PRA unless that collection displays a currently valid OMB 
control number.
    The BE-180 survey, as proposed, is expected to result in the filing 
of reports from approximately 7,000 respondents. Approximately 5,500 
respondents would report mandatory data on the survey, and 
approximately 1,500 would file exemption claims. The respondent burden 
for this collection of information would vary from one respondent to 
another, but is estimated to average (1) 11 hours for the 1,875 
respondents that file mandatory or voluntary data by country and 
affiliation for relevant transaction types on the mandatory schedules; 
(2) 2 hours for the 3,625 respondents that file mandatory data by 
transaction type but not by country or affiliation; and (3) 1 hour for 
the 1,500 exemption claims. These burden-hour estimates consider time 
for reviewing instructions, searching existing data sources, gathering 
and maintaining the data needed, and completing and reviewing the 
collection of information. Thus, the total respondent burden for this 
survey is estimated at 29,375 hours, or approximately 4 hours per 
response (29,375 hours/7,000 respondents), compared to 27,500 hours, or 
about 3 hours per response (27,500 hours/8,750 respondents) for the 
2014 BE-180 benchmark survey. The increase in burden hours is due to 
estimated changes in the expected response composition of the 
respondent universe from 2014 to 2019, as well as changes in the 
content of the survey.
    As part of its continuing effort to reduce paperwork and respondent 
burden, the Department of Commerce invites the general public and other 
Federal agencies to comment on proposed and/or continuing information 
collections, as required by the PRA. Comments are requested concerning: 
(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 
burden estimate; (c) ways to enhance the quality, utility, and clarity 
of the information collected; and (d) ways to minimize the burden of 
the collection of information on the respondents, including the use of 
automated collection techniques or other forms of information 
technology.
    Written comments regarding the burden-hour estimates or other 
aspects of the collection-of-information requirements contained in the 
proposed rule should be sent to both BEA and OMB following the 
instructions given in the ADDRESSES section above.

Regulatory Flexibility Act

    The Chief Counsel for Regulation, Department of Commerce, has 
certified to the Chief Counsel for Advocacy, Small Business 
Administration, under the provisions of the Regulatory Flexibility Act, 
5 U.S.C. 605(b), that this

[[Page 10631]]

proposed rulemaking, if adopted, will not have a significant economic 
impact on a substantial number of small entities. The changes proposed 
in this rule are discussed in the preamble and are not repeated here.
    A BE-180 report would be required of any U.S. company that is a 
financial services provider who had financial services transactions, 
sales to, or purchases from foreign persons in any of the covered types 
of financial services listed in 15 CFR 801.13(d). This includes 
brokerage services, underwriting and private placement services related 
to equity transactions and debt transactions, financial management 
services, credit-related services, credit card services, financial 
advisory and custody services, securities lending services, electronic 
funds transfer services, and other financial services. While the survey 
would not collect data on total sales or other measures of the overall 
size of the respondents to the survey, historically the respondents to 
the existing quarterly survey of financial services transactions and to 
the previous benchmark surveys were mostly major U.S. corporations. A 
completed benchmark survey, as proposed, would be required from U.S. 
financial companies that had financial services transactions in any of 
the covered categories with foreign persons. For U.S. financial 
services companies that had combined sales and/or purchases 
transactions exceeding $3 million in the financial services covered by 
the survey for fiscal year 2019, a completed benchmark survey would 
include data on each of the covered types of financial services 
transactions with totals disaggregated by country and by relationship 
to the foreign transactor (foreign affiliate, foreign parent group, or 
unaffiliated). For U.S. financial services companies that had combined 
sales and/or purchases transactions of $3 million or less in the 
financial services covered by the survey for fiscal year 2019, a 
completed benchmark would include totals for each type of transaction 
in which they engaged. This abbreviated benchmark requirement would 
exclude most small businesses from mandatory reporting of detail by 
country and by affiliation. Any small businesses that would be required 
to report would likely have engaged in a small number of covered 
transactions and would be less likely to report detail by country and 
affiliation, and, therefore, would be expected to have below the 
average burden of 4 hours per response. Even if the responses for small 
businesses took the expected average burden of 4 hours per response, 
that would likely apply to a small number of transactions, and, as 
such, would not constitute a significant impact on any small business 
or other entity. Because this proposed rule would not have a 
significant economic impact on a substantial number of small entities, 
an Initial Regulatory Flexibility Analysis is not required, and none 
has been prepared.

List of Subjects in 15 CFR Part 801

    Economic statistics, Foreign trade, International transactions, 
Penalties, Reporting and recordkeeping requirements.

    Dated: January 17, 2020.
Paul W. Farello,
Associate Director of International Economics, Bureau of Economic 
Analysis.

    For reasons set forth in the preamble, BEA proposes to amend 15 CFR 
part 801 as follows:

PART 801--SURVEY OF INTERNATIONAL TRADE IN SERVICES BETWEEN U.S. 
AND FOREIGN PERSONS AND SURVEYS OF DIRECT INVESTMENT

0
 1. The authority citation for 15 CFR part 801 continues to read as 
follows:

    Authority: 5 U.S.C. 301; 15 U.S.C. 4908; 22 U.S.C. 3101-3108; 
E.O. 11961 (3 CFR, 1977 Comp., p. 86), as amended by E.O. 12318 (3 
CFR, 1981 Comp. p. 173); and E.O. 12518 (3 CFR, 1985 Comp. p. 348).

0
 2. Revise Sec.  801.3 to read as follows:


Sec.  801.3  Reporting requirements.

    Except for surveys subject to rulemaking in Sec. Sec.  801.7, 
801.8, 801.9, 801.10, 801.11, 801.12, and 801.13, reporting 
requirements for all other surveys conducted by the Bureau of Economic 
Analysis shall be as follows:
    (a) Notice of specific reporting requirements, including who is 
required to report, the information to be reported, the manner of 
reporting, and the time and place of filing reports, will be published 
by the Director of the Bureau of Economic Analysis in the Federal 
Register prior to the implementation of a survey;
    (b) In accordance with section 3104(b)(2) of title 22 of the United 
States Code, persons notified of these surveys and subject to the 
jurisdiction of the United States shall furnish, under oath, any report 
containing information which is determined to be necessary to carry out 
the surveys and studies provided for by the Act; and
    (c) Persons not notified in writing of their filing obligation by 
the Bureau of Economic Analysis are not required to complete the 
survey.
0
 3. Add Sec.  801.13 to read as follows:


Sec.  801.13  Rules and regulations for the BE-180 Benchmark Survey of 
Financial Services Transactions between U.S. Financial Services 
Providers and Foreign Persons--2019.

    The BE-180 Benchmark Survey of Financial Services Transactions 
between U.S. Financial Services Providers and Foreign Persons will be 
conducted covering fiscal year 2019. All legal authorities, provisions, 
definitions, and requirements contained in Sec. Sec.  801.1 through 
801.2 and Sec. Sec.  801.4 through 801.6 are applicable to this survey. 
Specific additional rules and regulations for the BE-180 survey are 
given in paragraphs (a) through (e) of this section. More detailed 
instructions are given on the report form and in instructions 
accompanying the report form.
    (a) Response required. A response is required from persons subject 
to the reporting requirements of the BE-180 Benchmark Survey of 
Financial Services Transactions between U.S. Financial Services 
Providers and Foreign Persons--2019, contained herein, whether or not 
they are contacted by BEA. Also, a person, or its agent, that is 
contacted by BEA about reporting on this survey, either by sending a 
report form or by written inquiry, must respond in writing pursuant to 
this section. This may be accomplished by:
    (1) Completing and returning the BE-180 by the due date of the 
survey; or
    (2) If exempt, by completing the determination of reporting status 
section of the BE-180 survey and returning it to BEA by the due date of 
the survey.
    (b) Who must report. A BE-180 report is required of each U.S. 
person that is a financial services provider or intermediary, or whose 
consolidated U.S. enterprise includes a separately organized 
subsidiary, or part, that is a financial services provider or 
intermediary, and that had financial services transactions with foreign 
persons in the categories covered by the survey during its 2019 fiscal 
year.
    (c) BE-180 definition of financial services provider. The 
definition of financial services provider used for this survey is 
identical to the definition of the term as used in the North American 
Industry Classification System, United States, 2012, Sector 52--Finance 
and Insurance, and holding companies that own or influence, and are 
principally engaged in making management decisions for these firms 
(part of Sector 55--Management of Companies and Enterprises). For 
example, companies and/or subsidiaries and other separable parts of 
companies in the following

[[Page 10632]]

industries are defined as financial services providers: Depository 
credit intermediation and related activities (including commercial 
banking, savings institutions, credit unions, and other depository 
credit intermediation); non-depository credit intermediation (including 
credit card issuing, sales financing, and other non-depository credit 
intermediation); activities related to credit intermediation (including 
mortgage and nonmortgage loan brokers, financial transactions 
processing, reserve, and clearinghouse activities, and other activities 
related to credit intermediation); securities and commodity contracts 
intermediation and brokerage (including investment banking and 
securities dealing, securities brokerage, commodity contracts and 
dealing, and commodity contracts brokerage); securities and commodity 
exchanges; other financial investment activities (including 
miscellaneous intermediation, portfolio management, investment advice, 
and all other financial investment activities); insurance carriers; 
insurance agencies, brokerages, and other insurance related activities; 
insurance and employee benefit funds (including pension funds, health 
and welfare funds, and other insurance funds); other investment pools 
and funds (including open-end investment funds, trusts, estates, and 
agency accounts, real estate investment trusts, and other financial 
vehicles); and holding companies that own, or influence the management 
decisions of, firms principally engaged in the aforementioned 
activities.
    (d) What must be reported. (1) A U.S. person that had combined 
sales to, or purchases from foreign persons that exceeded $3 million in 
the financial services categories covered by the survey during its 2019 
fiscal year, on an accrual basis, is required to provide data on total 
sales and/or purchases of each of the covered types of financial 
services and must disaggregate the totals by country and by 
relationship to the foreign transactor (foreign affiliate, foreign 
parent group, or unaffiliated). The determination of whether a U.S. 
financial services provider is subject to this reporting requirement 
can be based on the judgment of knowledgeable persons in a company who 
can identify reportable transactions on a recall basis, with a 
reasonable degree of certainty, without conducting a detailed manual 
records search.
    (2) A U.S. person that had combined sales to, or purchases from 
foreign persons that were $3 million or less in the financial services 
categories covered by the survey during its 2019 fiscal year, on an 
accrual basis, is required to provide the total sales and/or purchases 
for each type of transaction in which they engaged. The $3 million 
threshold for sales and purchases should be applied to financial 
services transactions with foreign persons by all parts of the 
consolidated domestic U.S. Reporter. Because the $3 million threshold 
applies separately to sales and purchases, the mandatory reporting 
requirement may apply only to sales, only to purchases, or to both.
    (e) Voluntary reporting of financial services transactions. If, 
during fiscal year 2019, combined sales and purchases were $3 million 
or less, on an accrual basis, the U.S. person may, in addition to 
providing the required total for each type of transaction, report sales 
at a country and affiliation level of detail on the applicable 
mandatory schedule(s). The estimates can be judgmental, that is, based 
on recall, without conducting a detailed records search.
    (f) Exemption claims. Any U.S. person that receives the BE-180 
survey form from BEA, but is not subject to the reporting requirements, 
must file an exemption claim by completing the determination of 
reporting status section of the BE-180 survey and returning it to BEA 
by the due date of the survey. This requirement is necessary to ensure 
compliance with reporting requirements and efficient administration of 
the Act by eliminating unnecessary follow-up contact.
    (g) Covered types of financial services. Financial services covered 
by the BE-180 survey consist of transactions between U.S. financial 
services companies and foreign persons for:
    (1) Brokerage services related to equity transactions;
    (2) Other brokerage services;
    (3) Underwriting and private placement services related to equity 
transactions;
    (4) Underwriting and private placement services related to debt 
transactions;
    (5) Financial management services;
    (6) Credit-related services, except credit card services;
    (7) Credit card services;
    (8) Financial advisory and custody services;
    (9) Securities lending services;
    (10) Electronic funds transfer services; and
    (11) Other financial services.
    (h) Due date. A fully completed and certified BE-180 report, or 
qualifying exemption claim with the determination of reporting status 
section completed, is due to be filed with BEA not later than July 31, 
2020 (or by August 31, 2020 for respondents that use BEA's eFile 
system).

[FR Doc. 2020-03727 Filed 2-24-20; 8:45 am]
 BILLING CODE 3510-06-P