The U.S. Bureau of Economic Analysis (the “BEA”) is conducting a Form BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Service Providers and Foreign Persons covering the 2019 fiscal year. The BE-180 survey is mandatory for all U.S. financial services providers or intermediaries engaged in financial services transactions with foreign persons during the 2019 fiscal year regardless of whether contacted by the BEA (and holding companies that own, or influence the management decisions of such companies). The definition of “U.S. financial service provider” is expansive and covers, among others, banks, insurance companies, debt and equity brokers, companies engaged in various financial investment activities, and investment pools and funds. A response to the survey is due by Sept. 30, 2020, if filing in paper or by fax, or Oct. 30, 2020, if filing using the BEA’s eFile system.
For further information, please refer to our comprehensive summary of the survey requirement available here.