federal_register: 02-26220
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| 02-26220 | Direct Investment Surveys: BE-605, Transactions of U.S. Affiliate, Except a U.S. Banking Affiliate, With Foreign Parent, and BE-605 Bank, Transactions of U.S. Banking Affiliate With Foreign Parent | Proposed Rule | This notice sets forth a proposed rule to amend the reporting requirements for the quarterly survey of foreign direct investment in the United States, which is comprised of two forms--the BE-605, Transactions of U.S. Affiliate, Except a U.S. Banking Affiliate, With Foreign Parent, and BE-605 Bank, Transactions of U.S. Banking Affiliate with Foreign Parent. The Department of Commerce, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The BE-605 and BE-605 Bank are mandatory surveys and are conducted quarterly by the Bureau of Economic Analysis (BEA), U.S. Department of Commerce, under the International Investment and Trade in Services Survey Act. BEA will send survey forms to potential respondents each quarter; responses will be due within 30 days after the close of each fiscal quarter, except for the final quarter of the fiscal year, when reports will be due within 45 days. These surveys are cut-off sample surveys that cover all U.S. affiliates above a size- exemption level and seek to obtain data on transactions and positions between U.S. affiliates and their affiliated foreign groups. BEA proposes the following changes: Direct bank holding companies (BHC's) to file a fully consolidated report, including all banking and nonbanking operations, on the BE-605 Bank form. Previously, the banking and non-banking operations of a BHC filed separate reports: the nonbank operations of the BHC filed on the BE-605 form, and the BHC itself and its banking operations filed on the BE-605 Bank form. To reduce respondent burden for BHC's, BEA proposes that the BHC file a single, fully consolidated, report to include both its banking and nonbanking operations on the BE-605 Bank form. However, separate reports still will be filed in those special instances where a U.S. affiliate's primary line of business is not in banking (or related financial activities), such as a manufacturer or retailer, but the affiliate also has a direct or indirect ownership in a BHC (or other banking activities such as U.S. wholesale or limited purpose banks). In these instances, the BHC, including all of its subsidiaries or units, will file on the BE-605 Bank form and the nonbanking operations not owned by the BHC will file on the BE-605 form. Add questions to the BE-605 Bank form to collect data on loans from or to the foreign parent group by certain nonbanking subsidiaries (e.g., insurance companies) included in the consolidated report to maintain consistency of the U.S. international transactions accounts with international statistical standards and avoid gaps in coverage. Add questions to the BE-605 Bank form to collect detail on intercompany premiums earned and claims payable for insurance companies included in the consolidated report. BEA believes that the proposed changes should result in no change in the overall respondent burden. Any increase in burden due to the addition of questions on the BE-605 Bank form will be offset by a reduction in burden for BHC's, because reporting for these entities will be more consistent with the filing of regulatory reports and annual reports to stockholders. | 2002-10-16 | 2002 | 10 | https://www.federalregister.gov/documents/2002/10/16/02-26220/direct-investment-surveys-be-605-transactions-of-us-affiliate-except-a-us-banking-affiliate-with | https://www.govinfo.gov/content/pkg/FR-2002-10-16/pdf/02-26220.pdf | Commerce Department; Economic Analysis Bureau | 54,118 | This notice sets forth a proposed rule to amend the reporting requirements for the quarterly survey of foreign direct investment in the United States, which is comprised of two forms--the BE-605, Transactions of U.S. Affiliate, Except a U.S. Banking... |