[Federal Register Volume 86, Number 100 (Wednesday, May 26, 2021)]
[Notices]
[Pages 28333-28335]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11101]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Agency Information Collection Activities; Submission to the 
Office of Management and Budget (OMB) for Review and Approval; Comment 
Request; Services Surveys: BE-185, Quarterly Survey of Financial 
Services Transactions Between U.S. Financial Services Providers and 
Foreign Persons

AGENCY: Bureau of Economic Analysis, Department of Commerce.

ACTION: Notice of information collection, request for comment.

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SUMMARY: The Department of Commerce, in accordance with the Paperwork 
Reduction Act of 1995 (PRA), invites the general public and other 
Federal agencies to comment on proposed, and continuing information 
collections, which helps us assess the impact of our information 
collection requirements and minimize the public's reporting burden. The 
purpose of this notice is to allow for 60 days of public comment 
preceding submission of the collection to OMB.

DATES: To ensure consideration, comments regarding this proposed 
information collection must be received on or before July 26, 2021.

ADDRESSES: Interested persons are invited to submit written comments to 
Christopher Stein, Chief, Services Surveys Branch, Bureau of Economic 
Analysis, by email to [email protected] or [email protected]. 
Please reference OMB Control Number 0608-0065 in the subject line of 
your comments. Do not submit Confidential

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Business Information or otherwise sensitive or protected information.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
specific questions related to collection activities should be directed 
to Christopher Stein, Chief, Services Surveys Branch, Bureau of 
Economic Analysis; (301) 278-9189; or via email at 
[email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Quarterly Survey of Financial Services Transactions between 
U.S. Financial Services Providers and Foreign Persons (Form BE-185) is 
a survey that collects data from U.S. persons who engage in covered 
financial services transactions. A U.S. person means any individual, 
branch, partnership, associated group, association, estate, trust, 
corporation, or other organization (whether or not organized under the 
laws of any State), resident in the United States or subject to the 
jurisdiction of the United States. A U.S. person must report if they 
had combined sales of covered financial services to foreign persons 
that exceeded $20 million for the previous fiscal year, or are expected 
to exceed that amount during the current fiscal year, or if they had 
combined purchases of covered financial services from foreign persons 
that exceeded $15 million for the previous fiscal year, or are expected 
to exceed that amount during the current fiscal year.
    The data are needed to monitor U.S. trade in financial services, to 
analyze the impact of these cross-border services on the U.S. and 
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, and to improve the ability of U.S. businesses to 
identify and evaluate market opportunities. The data are used in 
estimating the trade in financial services component of the U.S. 
international transactions accounts (ITAs) and national income and 
product accounts (NIPAs).
    The Bureau of Economic Analysis (BEA) is proposing two 
modifications to the existing transaction categories covered by the BE-
185 survey and a change to the survey due date, beginning with 
reporting for first quarter 2022. The proposed modifications to the BE-
185 survey would allow BEA to increase the quality and usefulness of 
BEA's statistics on trade in financial services.
    BEA proposes to add ``brokerage services related to debt 
transactions'' as a separate transaction category. The change will 
result in three categories for brokerage services, rather than the 
current two categories on the survey. The three categories collected on 
the survey will be brokerage services related to equity transactions 
(code 1), brokerage services related to debt transactions (code 1.1), 
and brokerage services related to other transactions (code 2). In 
reviewing brokerage transactions reported on the survey over the last 
several years, BEA has determined that most survey respondents can 
provide brokerage related to debt securities because this information 
is readily available in their records. BEA will provide updated 
instructions to ensure accurate reporting of brokerage transactions.
    BEA proposes to break ``financial advisory and custody services'' 
into two separate transaction categories. The change will result in two 
separate transaction categories of financial advisory services (code 
7), and financial custody services (code 7.1). In reviewing 
transactions reported in the combined ``financial advisory and custody 
services'' category over the last several years, BEA has determined 
that these transactions are distinctly different in nature and 
collecting them in a single transaction category may be confusing to 
survey respondents. BEA has also determined that most respondents have 
the ability to report details for these activities separately because 
this information is readily available in their records. BEA will 
provide updated instructions to ensure accurate reporting.
    BEA also proposes to change the due date of the survey to 30 days 
after the close of each quarter from 45 days for the three quarters 
that are not the final fiscal quarter of the year. For the close of the 
final fiscal quarter of the year, reports would be due 45 days after 
the close of the quarter instead of 90 days. Shortening the reporting 
timeline will allow BEA to produce more accurate and complete trade in 
services statistics in preliminary estimates of the ITAs, which is 
critical information for policymakers' timely decisions on 
international trade policy. The earlier due date will allow BEA to use 
more reported data for preliminary statistics, improving the accuracy 
of both the aggregates and the country detail, and reducing revisions 
in subsequent statistical releases. In addition, the proposed reporting 
deadlines are also consistent with the reporting deadline of BEA's 
quarterly direct investment surveys.
    BEA estimates there will be a small increase in the total burden 
for the survey due to the change in transaction detail required, but 
the average number of burden hours per response will continue to 
average 10 hours for companies filing country detail. BEA estimates 
that approximately 100 survey respondents will experience a burden 
increase of less than 10 percent. Although the estimated change is 
measurable, only a small portion of the total reporters are affected. 
BEA believes these data are readily available in their accounting 
records. When total burden for completing the survey is averaged across 
all reporters, factoring in the additional time BEA believes these 
reporters will spend complying with the survey, burden for completing 
the survey continues to average 10 hours per response.
    BEA estimates there will be no change in burden hours per response 
as a result of the proposed change in survey due dates. While survey 
respondents will have to file earlier, the burden for the survey is 
unchanged because the same information, other than the two changes 
described above, will be required on the survey as in the past. The 
language in the instructions and definitions will be reviewed and 
adjusted as necessary to clarify survey requirements.

II. Method of Collection

    BEA contacts potential respondents by mail at the end of each 
quarter. Respondents would be required to file the completed BE-185 
forms within 30 days after the end of each fiscal quarter that is not 
the final fiscal quarter of the year and within 45 days after the close 
of the final fiscal quarter of the year. Reports would be required from 
each U.S. person that had combined sales of covered financial services 
to foreign persons that exceeded $20 million for the previous fiscal 
year, or are expected to exceed that amount during the current fiscal 
year, or that had combined purchases of covered financial services from 
foreign persons that exceeded $15 million for the previous fiscal year, 
or that are expected to exceed that amount during the current fiscal 
year. Entities required to report will be contacted individually by 
BEA. Entities not contacted by BEA have no reporting responsibilities.
    BEA offers its electronic filing option, the eFile system, for use 
in reporting on Form BE-185. For more information about eFile, go to 
www.bea.gov/efile. In addition, BEA posts all its survey forms and 
reporting instructions on its website, www.bea.gov/ssb. These may be 
downloaded, completed, printed, and submitted via fax or mail.

III. Data

    OMB Control Number: 0608-0065.

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    Form Number(s): BE-185.
    Type of Review: Regular submission.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,860 annually (715 filed each 
quarter; 580 reporting mandatory data, and 135 that would file 
exemption claims or voluntary responses).
    Estimated Time per Response: 10 hours is the average for those 
reporting data and one hour is the average for those filing an 
exemption claim. Hours may vary considerably among respondents because 
of differences in company size and complexity.
    Estimated Total Annual Burden Hours: 24,140.
    Estimated Total Annual Cost to Public: $0.
    Respondent's Obligation: Mandatory.
    Legal Authority: International Investment and Trade in Services 
Survey Act (Pub. L. 94-472, 22 U.S.C. 3101-3108, as amended), and 
Section 5408 of the Omnibus Trade and Competitiveness Act of 1988.

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 that you submit in response to this notice are a matter of 
public record. We will include or summarize each comment in our request 
to OMB to approve this ICR. Before including your address, phone 
number, email address, or other personal identifying information in 
your comment, you should be aware that your entire comment--including 
your personal identifying information--may be made publicly available 
at any time. While you may ask us in your comment to withhold your 
personal identifying information from public review, we cannot 
guarantee that we will be able to do so.

Sheleen Dumas,
Department PRA Clearance Officer, Office of the Chief Information 
Officer, Commerce Department.
[FR Doc. 2021-11101 Filed 5-25-21; 8:45 am]
BILLING CODE 3510-06-P