[Federal Register Volume 86, Number 45 (Wednesday, March 10, 2021)]
[Notices]
[Pages 13693-13694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04931]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis

[Docket No. 210304-0044]
RIN 0691-XC118


BE-185: Quarterly Survey of Financial Services Transactions 
Between U.S. Financial Services Providers and Foreign Persons

AGENCY: Bureau of Economic Analysis, Commerce.

ACTION: Notice of reporting requirements.

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SUMMARY: By this Notice, the Bureau of Economic Analysis (BEA), 
Department of Commerce, is informing the public that it is conducting 
the mandatory survey titled Quarterly Survey of Financial Services 
Transactions between U.S. Financial Services Providers and Foreign 
Persons (BE-185). The data collected on the BE-185 survey are needed to 
measure U.S. trade in financial services and to analyze the impact of 
U.S. trade on the U.S. and foreign economies. This survey is authorized 
by the International Investment and Trade in Services Survey Act and by 
Section 5408 of the Omnibus Trade and Competitiveness Act of 1988.

FOR FURTHER INFORMATION CONTACT: Christopher Stein, Chief, Services 
Surveys Branch, Balance of Payments Division, via phone at (301) 278-
9189 or via email at [email protected].

SUPPLEMENTARY INFORMATION: Through this Notice, BEA publishes the 
reporting requirements for the BE-185 survey form. As noted below, all 
entities required to respond to this mandatory survey will be contacted 
by BEA. Entities must submit the completed survey forms within 45 days 
after the end of each fiscal quarter, except for the final quarter of 
the entity's fiscal year when reports must be filed within 90 days. 
This Notice is being issued in conformance with the rule BEA issued on 
April 24, 2012 (77 FR 24373), establishing guidelines for collecting 
data on international trade in services and direct investment through 
notices, rather than through rulemaking. Additional information about 
BEA's collection of data on international trade in services and direct 
investment can be

[[Page 13694]]

found in the 2012 rule, the International Investment and Trade in 
Services Survey Act (22 U.S.C. 3101 et seq.), and 15 CFR part 801, and 
by Section 5408 of the Omnibus Trade and Competitiveness Act of 1988 
(Pub. L. 100-418, 15 U.S.C. 4908(b)). Survey data on international 
trade in services and direct investment that are not collected pursuant 
to the 2012 rule are described separately in 15 CFR part 801. The BE-
185 survey form and instructions are available at www.bea.gov/ssb.

Reporting

    Notice of specific reporting requirements, including who is to 
report, the information to be reported, the manner of reporting, and 
the time and place of filing reports, will be mailed to those required 
to complete this survey.
    Who Must Report: (a) Reports are required from each U.S. person who 
had combined reportable sales of financial services to foreign persons 
that exceeded $20 million during the prior fiscal year, or are expected 
to exceed that amount during the current fiscal year; or had combined 
reportable purchases of financial services from foreign persons that 
exceeded $15 million during the prior fiscal year, or are expected to 
exceed that amount during the current fiscal year. Because the 
thresholds are applied separately to sales and purchases, the reporting 
requirements may apply only to sales, only to purchases, or to both.
    (b) Entities required to report will be contacted individually by 
BEA. Entities not contacted by BEA have no reporting responsibilities.
    What To Report: The survey collects information on transactions in 
financial services between U.S. financial services providers and 
foreign persons.
    How To Report: Reports can be filed using BEA's electronic 
reporting system at www.bea.gov/efile. Copies of the survey forms and 
instructions, which contain complete information on reporting 
procedures and definitions, can be downloaded from www.bea.gov/ssb and 
submitted through mail or fax. Form BE-185 inquiries can be made by 
phone to BEA at (301) 278-9303 or by sending an email to [email protected].
    When To Report: Reports are due to BEA 45 days after the end of 
each fiscal quarter, except for the final quarter of the entity's 
fiscal year when reports must be filed within 90 days.

Paperwork Reduction Act Notice

    This data collection has been approved by the Office of Management 
and Budget (OMB) in accordance with the Paperwork Reduction Act and 
assigned control number 0608-0065. An agency may not conduct or 
sponsor, and a person is not required to respond to, a collection of 
information unless it displays a valid control number assigned by OMB. 
Public reporting burden for this collection of information is estimated 
to average 10 hours per response. Additional information regarding this 
burden estimate may be viewed at www.reginfo.gov; under the Information 
Collection Review tab, click on ``Search'' and use the above OMB 
control number to search for the current survey instrument. Send 
comments regarding this burden estimate to Christopher Stein, Chief, 
Services Surveys Branch, Balance of Payments Division, via email at 
[email protected]; and to the Office of Management and Budget, 
Paperwork Reduction Project 0608-0065, via email at 
[email protected].

    Authority: 22 U.S.C. 3101-3108 and 15 U.S.C. 4908(b).

Paul W. Farello,
Associate Director for International Economics, Bureau of Economic 
Analysis.
[FR Doc. 2021-04931 Filed 3-9-21; 8:45 am]
BILLING CODE 3510-06-P