BEA Reporting Requirements for US Financial Services Providers

The US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting its 2014 Benchmark Survey of Financial Services Transactions between US Financial Services Providers and Foreign Persons (Form BE-180). This survey, which is taken every five years, collects data which will be used by BEA to estimate the financial services component of the US International Transactions Account and other economic accounts complied by BEA. BEA requires a BE-180 report from all US financial services providers or intermediaries that had been contacted by BEA or had financial sales transactions with foreign persons in excess of $3 million during their 2014 fiscal year. The report must be completed by persons subject to the reporting requirements regardless of whether they have been contacted by BEA. Reports are due at the earliest by November 1, 2015, and requests for extensions also are due by that date.

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What transactions must be reported?
The term “financial services” includes the following transactions (sales or purchases) between U.S. financial
companies and foreign persons: brokerage services related to equity transactions; other brokerage services;
underwriting and private placement services related to equity and debt; financial management services (e.g.,
financial advisory services, investment advice, commodity trading advisory services,; credit-related services;
securities lending, electronic transfers of funds, credit card services; custody services; securities lending
services; electronic funds transfer services; and other financial services. The General Instructions also include
a listing of excluded transactions.
What must be reported?
Transactions with both affiliates and unaffiliated persons must be reported
What are the consolidated reporting requirements?
A U.S. organization may file a single Form BE-180 covering combined financial services transactions of all its
subsidiaries, and parts that are financial services providers or intermediaries. In the alternative, it may file
separate reports for its separately organized financial services subsidiaries and parts. However, regardless of
the number of subsidiaries or parts of the enterprise filing separate BE-180 forms, the reporting criteria must
be applied with reference to the total transactions of the consolidated U.S. enterprise. If the organization is
planning to file separate reports, it must contact the Bureau.
What year is covered by the report?
The report covers the financial services transactions engaged in in its fiscal year ending in 2014.
When must the report be filed
Financial services providers must file the BE-180 report no later than November 1, 2015 if the entity was
notified of the BE-180 survey by BEA and has a BE-180 identification number below 140012490 or if the entity
was not notified by BEA. If the entity has a BEA identification number above 140012490, and was notified by
BEA, the BE-report is due no later than December 1, 2015. If more time is required, parties should file
extension requests for a 30-day extension by November 1, 2015.
What are the penalties for non-compliance?
Persons who fail to report may be subject to a civil penalty of not less than $2,500, and not more than
$32,500, and to injunctive relief, or both. Persons who willfully fail to report may be fined not more than
$10,000 and, if an individual, may be imprisoned for not more than one year, or both. Any officer, director,
employee, or agent of any corporation who knowingly participates in such violations, upon conviction, may be
punished by a like fine, imprisonment, or both.

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In this publication, White & Case means the international legal practice comprising White & Case LLP, a New York State registered
limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated
partnerships, companies and entities.
This publication is prepared for the general information of our clients and other interested persons. It is not, and does not attempt to be,
comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.
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