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| File Type | application/msword |
|---|---|
| File Title | OMB No |
| Author | U.S. Department of Commerce |
| Last Modified By | Writer |
| File Modified | 2010-03-17 |
| File Created | 2026-10-31 |
| Conversion State | complete |
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OMB Control number 0608-0062: Expiration Date xx/xx/2013
BEA USE ONLY
Control number / / / / / / / / / / /
FORM BE-180 U.S. DEPARTMENT OF COMMERCE
(?? – 2009) BUREAU OF ECONOMIC ANALYSIS
BENCHMARK SURVEY OF FINANCIAL SERVICES TRANSACTIONS BETWEEN U.S.
FINANCIAL SERVICES PROVIDERS AND FOREIGN PERSONS -2009
(This report is mandatory and confidential.)
Name and address of U.S. reporter –
Enter or correct as necessary
Company name:
Attention:
Address:
City: State: Zip Code:
Complete and file this form or file electronically at http://www.bea.gov/efile.
Assistance is available at (202) 606-5588, M-F 8:30 A.M. – 5:00 P.M., eastern time.
How to file:
Step 1. Verify or correct name and address of the U.S. reporter named in the mailing label and complete Part 1.
Step 2. Complete Part 2 and Schedules A and B based on the instructions given in Part 2.
Step 3. File the completed form by XXXX, xx, 2010
By filing electronically at: http://www.bea.gov/efile
mailing to: U.S. Department of Commerce
Bureau of Economic Analysis
BE-50(SSB)
Washington, DC 20230
delivering to: U.S. Department of Commerce
Bureau of Economic Analysis
BE-50(SSB)
Shipping and Receiving Section M-100
1441 L Street, NW
Washington, DC 20005
or faxing to: (202) 606-5318
PART 1
1. Person to consult concerning questions
about this report
1 Name
1 Title
1
Telephone number ( )
1
FAX number ( )
1
E-mail address
3. Certification — The undersigned official certifies that
this report has been prepared in accordance with the
applicable instructions, is complete, and is
substantially accurate except that, in accordance with
VI.G of the General Instructions, estimates may have
been prepared where the data are not available from
customary accounting records or precise data could
not be obtained without undue burden.
2. May we use e-mail to correspond with you to discuss
questions relating to this form, including questions that
may contain information about your company that you
may consider confidential? (Note: Electronic mail is not
inherently confidential. We will treat information we
receive as confidential but your e-mail is not necessarily
secure against interception by a third party.)
1 Yes
2 No
Authorized official’s signature
Print or type name and title Date
Part 1
4. What period does this report cover?
Beginning date . . . . . .
Month
Day
Year
Ending date . . . . . . . .
Month
Day
Year
2009
5. Was the U.S. reporter in existence during the entire reporting period?
1 Yes – Skip question 6.
2 No – If purchased by another U.S. financial services provider complete 6 below. Otherwise,
complete the report for the time you were in existence and, in the space at the bottom of
this page, explain why you did not exist as a separate company for a part of the period.
6. During the reporting period identified in 4, did another U.S. financial services provider own more
than 50 percent of the voting stock of the U.S. reporter named in the mailing label on page 1?
1 Yes - Enter the name and address of the controlling U.S. person or entity in the box and please return this form
according to the how to file instructions on page 1.
Company name
Contact Telephone number
Street
City State Zip Code
2 No – Continue with completion of the form.
Comments
Part 2 – Determination of Reporting Status
For the types of financial services in Table 1, please check either the “Yes” or “No” box to indicate whether or not you sold that type of financial service to a foreign person during your 2009 fiscal year. If total sales of financial services to foreign persons listed in Table 1 exceeded $3 million during your 2009 fiscal year, then you must report the sales of all the services that you checked “Yes” on Schedule A on page 6.
If total sales of financial services in Table 1 were less than $3 million during your 2009 fiscal year, then for any financial service you checked “Yes” in Table 1 you are requested to report the sales voluntarily in Schedule A.
After completing Table 1 continue to question 7 below.
7. Did you mark “Yes” for any of the 10 financial services listed in Table 1?
1 Yes – Go to Question 8.
2 No – Skip question 8 and go to page 4.
8. Did the U.S. reporter’s total sales of financial services marked “Yes” exceed $3 million for fiscal year
2009?
1 Yes – Reporting on Schedule A is mandatory for each financial service marked “Yes.”
3 No – Reporting on Schedule A is requested for each financial service marked “Yes.” If you
do not wish to report data voluntarily, then go to page 4.
NOTE: For the purposes of his survey:
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), and any government (including a foreign government, the United States Government, a State or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government sponsored agency).
United States person means any person resident in the United States or subject to the jurisdiction of the United States.
Foreign person means any person resident outside the United States or subject to the jurisdiction of a country
other than the United States.
Part 2 – Determination of Reporting Status (continued)
For the types of financial services in Table 2, please check either the “Yes” or “No” box to indicate whether or not you purchased that type of financial service from a foreign person during your 2009 fiscal year. If total purchases of financial services from foreign persons listed in Table 2 exceeded $3 million during your 2009 fiscal year, then you must report the purchases of all the services that you checked “Yes” on Schedule B on page 7.
If total purchases of financial services in Table 2 were less than $3 million during your 2009 fiscal year, then for any financial service you checked “Yes” in Table 2 you are requested to report the purchases voluntarily in Schedule B.
After completing Table 2 continue to question 9 below.
9. Did you mark “Yes” for any of the 10 financial services listed in Table 2?
1 Yes – Go to Question 10.
2 No – Skip questions 10 and 11 and go to page 5.
10. Did the U.S. reporter’s total purchases of financial services marked “Yes” exceed $3 million for fiscal
year 2009?
1 Yes – Reporting on Schedule B is mandatory for each financial service marked “Yes.”
2 No – Reporting on Schedule B is requested for each financial service marked “Yes.” If you do
not wish to report data voluntarily then go to Question 11.
11. Are you reporting voluntary or mandatory data on Schedule A or Schedule B?
1 Yes – Please complete page 5 and the appropriate schedule(s) and refer to page 1 for
the procedures for filing the survey.
2 No – Please complete page 5 and refer to page 1 for the procedures for filing the survey.
Part 2 – Determination of Reporting Status (continued)
12. Enter the 4-digit code that best describes the major activity of the U.S. Reporter from the
Summary of Industry Classifications found on pages 15 and 16 of the General Instructions.
13. What is the primary Employer Identification Number used by the U.S. Reporter to file U.S.
income or payroll taxes?
__
14. If you had transactions below the reporting threshold, and you choose not to report these transactions by the
type of financial service on Schedule A or Schedule B voluntarily, provide an estimate of the total amount
of your sales and/or purchases below.
Report in thousands of U.S. dollars
Sales
$
Purchases
$
If you are not reporting mandatory or voluntary data on Schedule A or Schedule B, then STOP HERE and see page 1 for the procedures for filing the survey.
15. Did you mark “Yes” for financial management services, service code 4 in Table 1 on page 3?
1 No – Continue with completing the remainder of the form.
2 Yes – Disaggregate your total receipts from all foreign persons for financial management services by the types of accounts for which you provided management services. (Report in thousands of U.S. dollars)
Management of: (Complete all that apply):
Mutual funds ……………………………. $______________
Pension funds ………………….………… $______________
Exchange-traded funds …………….……. $______________
Private equity funds ……………………… $______________
Corporate portfolio ………………………. $______________
Individual portfolio ………………………. $______________
Hedge funds ……………………………… $______________
Trusts …………………………………….. $______________
Other (specify) ____________________ $______________
SCHEDULE A — U.S. Reporter’s Sales of Financial Services to Foreign Persons
•If question 8 on page 3 is marked “Yes” then for each service marked Yes in Table 1 on page 3, reporting is mandatory in
Table 1 below.
•For additional instructions, see General Instructions A.1.a. and A.1.b.
•Report all currency amounts in thousands of U.S. dollars. Example: If the amount is $1,555,555.00 report as 1,556.
•Round amounts of less than $500.00 to 0.
•In the column heading for Tables 1 and 2, enter the Service Code as found in Table 1 page 3.
•Use additional copied sheets or the attached overflow sheets as necessary.
SALES TO
BEA USE
ONLY
________
(1) (2)
U.S. Reporter’s Sales of Financial Services to Foreign Persons
REPORT IN THOUSANDS OF U.S. DOLLARS
Service code
________
Service code
________
Foreign
affiliates
(3)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(4)
Unaffiliated
foreign
persons
(5)
Foreign
affiliates
(6)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(7)
Unaffiliated
foreign
persons
(8)
BEA USE ONLY
Table 1 –
Mandatory Data
1. Australia
601
2. Belgium
302
3. Bermuda
252
4. Canada
100
5. Cayman Islands
266
6. China
650
7. France
307
8. Germany
308
9. Hong Kong
611
10. Ireland
313
11. Italy
314
12. Japan
614
13. Luxembourg
316
14. Netherlands
319
15. Norway
320
16. Singapore
625
17. Sweden
324
18. Switzerland
325
19. United Kingdom
327
Other – Specify country
20.
21.
22.
23.
24.
25.
26.
27.
28. All countries,
total
Table 2 – Voluntary Data – Report total receipts if total receipts of financial services were less than or equal to $3 million in the reporting period
SALES TO
BEA USE
ONLY
________
(1) (2)
Service code
________
Service code
________
Foreign
affiliates
(3)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(4)
Unaffiliated
foreign
persons
(5)
Foreign
affiliates
(6)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(7)
Unaffiliated
foreign
persons
(8)
29. All countries,
total
30. If you reported data under transaction code 10, then please specify the major type of service:
SCHEDULE B — U.S. Reporter’s Purchases of Financial Services from Foreign Persons
•If question 10 on page 4 is marked “Yes” then for each service marked Yes in Table 2 on page 4, reporting is mandatory in
Table 1 below.
•For additional instructions, see General Instructions A.1.a. and A.1.b.
•Report all currency amounts in thousands of U.S. dollars. Example: If the amount is $1,555,555.00 report as 1,556.
•Round amounts of less than $500.00 to 0.
•In the column heading for Tables 1 and 2 below, enter the Service Code as found in Table 2 page 4.
•Use additional copied sheets or the attached overflow sheets as necessary.
PURCHASES
FROM
BEA USE
ONLY
________
(1) (2)
U.S. Reporter’s Purchases of Financial Services from Foreign Persons
REPORT IN THOUSANDS OF U.S. DOLLARS
Service code
________
Service code
________
Foreign
affiliates
(3)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(4)
Unaffiliated
foreign
persons
(5)
Foreign
affiliates
(6)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(7)
Unaffiliated
foreign
persons
(8)
BEA USE ONLY
Table 1 –
Mandatory Data
1. Australia
601
2. Belgium
302
3. Bermuda
252
4. Canada
100
5. Cayman Islands
266
6. China
650
7. France
307
8. Germany
308
9. Hong Kong
611
10. Ireland
313
11. Italy
314
12. Japan
614
13. Luxembourg
316
14. Netherlands
319
15. Norway
320
16. Singapore
625
17. Sweden
324
18. Switzerland
325
19. United Kingdom
327
Other – Specify country
20.
21.
22.
23.
24.
25.
26.
27.
28. All countries,
total
Table 2 – Voluntary Data – Report total purchases if total purchases of financial services were less than or equal to $3 million in the reporting period
PURCHASES
FROM
BEA USE
ONLY
________
(1) (2)
Service code
________
Service code
________
Foreign
affiliates
(3)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(4)
Unaffiliated
foreign
persons
(5)
Foreign
affiliates
(6)
Foreign parent(s)
and foreign
affiliates of
foreign parent(s)
(7)
Unaffiliated
foreign
persons
(8)
29. All countries,
total
30. If you reported data under transaction code 10, then please specify the major type of service:
GENERAL INSTRUCTIONS
Public reporting burden for this BE-180 report is estimated to average
10 hours per response. This burden includes time for reviewing
instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and reviewing the
collection of information. Send comments regarding this burden
estimate to Chief, Balance of Payments Division (BE-58), U.S.
Department of Commerce, Washington, DC 20230; and to the Office
of Management and Budget, Paperwork Reduction Project 0608-0062,
Washington, DC 20503.
This information collection contains requirements subject to the Paperwork Reduction Act (PRA). Notwithstanding any other provisions of the law, no person is required to respond to, nor shall any person be subject to penalty for failure to comply with, a collection of information subject to the requirements of the PRA, unless that collection of information displays a currently valid OMB control number. The control number for Form BE-180 (0608-0062) is displayed at the top of the first page of this form.
Purpose – Reports on this form are required to obtain reliable and
up-to-date information on financial services transactions between U.S.
financial services providers and foreign persons. The data will be used in compiling the U.S. international transactions accounts and national income and product accounts. The information will also be used to formulate U.S policy, and to analyze the impact of that policy and the policies of foreign countries, on such international transactions.
Authority – This survey is authorized by the International Investment
and Trade in Services Survey Act (P.L. 94-472, 90 Stat. 2059, 22 U.S.C. 3101-3108, as amended), and by Section 5408 of the Omnibus Trade and Competitiveness Act of 1988 (P.L. 100-418, 15 U.S.C. 4908(b)). Regulations for the survey may be found in 15 CFR Part 801. The survey has been approved by the Office of Management and Budget under the Paperwork Reduction Act (44 U.S.C. 3501, et seq).
Penalties – Whoever fails to report may be subject to a civil penalty
of not less that $2,500, and not more than $25,000, and to injunctive
relief commanding such person to comply, or both. These civil
penalties are subject to inflationary adjustments. Those adjustments
are found in 15 CFR 6.4. Whoever willfully fails to report shall be
fined not more that $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. (See 22 U.S.C. 3105
Confidentiality – The International Investment and Trade in Services
Survey Act provides that your report to this Bureau is CONFIDENTIAL
and may be used only for analytical and statistical purposes. Without
your prior written permission, the information filed in your report
CANNOT be presented in a manner that allows it to be individually
identified. Your report CANNOT be used for purposes of taxation,
investigation, or regulation. Copies retained in your files are immune
from legal process.
I. WHO MUST REPORT AND GENERAL COVERAGE
A. Who must report
1. Mandatory and voluntary reporting
a. Mandatory reporting – A BE-180 report is required from each U.S. person that:
(1) is a financial services provider or intermediary (see I.B.1. of
these Instructions), or whose consolidated U.S. enterprise includes a separately organized subsidiary, or part, that is a financial services provider or intermediary; and
(2)(a) had receipts from foreign persons in all financial services
combined (see IV. of these Instructions) in excess of
$3,000,000 for fiscal year 2009, or
(2)(b) had payments to foreign persons in all financial services
combined in excess of $3,000,000 for the fiscal year 2009.
These thresholds should be applied to financial services transactions with foreign persons by all parts of the consolidated U.S. enterprise
That are financial services providers or intermediaries. Because the
thresholds apply separately to sales and purchases, mandatory
reporting may apply only to sales, only to purchases, or to both.
Determining whether a U.S. financial services provider or intermediary is subject to mandatory reporting may be based on the judgment of knowledgeable persons in a company who can identify reportable transactions with a reasonable degree of certainty, without conducting a detailed records search.
Complete Parts 1 and 2 of the form and the mandatory tables of the applicable schedule(s). Enter the total amounts of transactions
applicable to a particular schedule in the appropriate column(s) on
line 28 of the schedule. Distribute these amounts to the foreign
country(ies) involved in the transaction(s) on lines 1–27.
b. Voluntary reporting – If your covered sales (see IV. of these
Instructions) were $3,000,000 or less, or if your covered
purchases were $3,000,000 or less during fiscal 2009, you
are requested to provided an estimate of the total for fiscal year
2009 for each type of service. Provision of this information is
voluntary. The estimates may be judgmental. Because these
thresholds apply separately to sales and purchases, voluntary
reporting may apply only to sales, only to purchases, or to both.
If you elect to file voluntarily, complete the voluntary table(s) of
the appropriate schedule(s). You may voluntarily report either, (1)
estimated totals by type of service only in Schedule A and/or B
Table 2; or (2) totals by type of service and a breakout by country on lines 1–27 Schedule A and/or B Table 1.
c. Exemption – The $3,000,000 exemption levels for mandatory
reporting are based upon total financial services sold to, or
purchased from, foreign persons by all parts of the consolidated
U.S. enterprise that are financial services providers or intermediaries
combined, regardless of the number of subsidiaries or parts of the
enterprise filing separate BE-180 forms.
2. Consolidation – A U.S. enterprise may file a single Form BE-180
covering combined (total) financial services transactions (purchases and sales) of all its subsidiaries, and parts, that are financial services providers or intermediaries, or 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, as described above.
B. General Coverage
1. Definition of financial services provider – The definition
of financial services providers used for this survey is identical
in coverage to Sector 52 — Finance and insurance, and
holding companies from Sector 55 of the North American
Industry Classification System United States, 2007.
For example, companies and/or subsidiaries and other separable
parts of companies in the following industries are regarded as
financial services providers: depository credit intermediation and
related activities (including commercial banking, bank holding
companies, financial holding companies, savings institutions, check
cashing, and debit card issuing); nondepository credit intermediation
(including credit card issuing, sales financing, and consumer
lending); securities, commodity contracts, and other financial
investments and related activities (including security and
commodity futures brokers, dealers, exchanges, traders,
underwriters, investment bankers, and providers of securities
custody services); insurance carriers and related activities (including
agents, brokers, and services providers); investment advisors and
managers and funds, trusts, and other financial vehicles (including
mutual funds, pension funds, real estate investment trusts,
investors, stock quotation services, etc.).
Filing options for holding companies that own only nonfinancial
subsidiaries:
You may report your purchases of financial services from
foreign persons on Form BE-180; or
You may report such purchases on Forms BE-120 and BE-
125, Benchmark and Quarterly Surveys of Transactions in
Selected Services and Intangible Assets with Foreign Persons.
In either case, sales of financial services to foreign persons must be
reported on Form BE-180 if they exceeded $3 million in fiscal year
2009.
2. Clarification of general coverage, including special situations
a. Report purchases or sales for FY 2009 if they occurred or were
charged (that is, in the period when the provider of the service
recognizes or performs the services), whether expensed by the
purchaser of the service in that accounting period, amortized
over several accounting periods, or included in expenses in a
subsequent accounting period. For example, report payments of
credit-related fees in the period when credit related services are
charged, whether or not the charge for the service is included in
the purchaser’s expenses for that particular accounting period.
See IV. of these Instructions for an explanation of what measures
should be applied in determining whether you are subject to the
BE-180 survey’s mandatory reporting requirements for a given
type of service.
b. Report covered transactions regardless of whether the service
was performed in the United States or abroad. Please note
that the reporting requirements are determined by whom the
transactions are with and not by where the services are
performed or the location of the buyer and seller at the time
of the transaction. Thus, reportable transactions may include
those conducted over the Internet or other networks (for
example, brokerage or financial advisory services sold to
foreign persons over the Internet).
c. When a sale or purchase consists of services that are
commingled or bundled (i.e., the different types of services are
not separately billed), you should unbundle the transaction
whenever possible. When the transaction cannot be
unbundled, it should be classified based upon whichever
service accounts for the largest share of its value. However, do
not unbundle the transaction if the services are billed together
because they are integral parts of the same transaction (for
example, if the fee for financial management services includes
payment for custody and other services that are regarded as
integral parts of financial management services).
II. DEFINITIONS
A. Services mean economic activities whose outputs are other
than tangible goods. This term includes, but is not limited to,
banking, other financial services, insurance, transportation,
communications and data processing, retail and wholesale trade,
advertising, accounting, construction, design, engineering,
management, consulting, real estate, professional services,
entertainment, education, and health care.
B. Financial services include trading, issuing, dealing,
underwriting, lending, custody, etc., of financial instruments;
financial advisory or management services; credit card services;
credit-related services (including establishing, maintaining, or
arranging credits, letters of credit, lines of credit, mortgages, etc.);
financial rating services; electronic funds transfer services;
insurance services; etc. These services typically are performed by
firms classified in Sector 52 – Finance and Insurance and holding
companies from Sector 55, of the North American Industry
Classification System United States, 2007 (see I.B.1.). Some types
of financial services are not covered on this survey. See IV. of the
Instructions for a list of financial services that are covered, and
see V. of the Instructions for a list of financial services that are
not covered on this survey.
C. U.S. reporter means a U.S. person filing a report in this survey.
On Form BE-180, the U.S. reporter may be either the consolidated
U.S. enterprise or one or more financial services subsidiaries or
parts of a consolidated U.S. enterprise reporting separately.
D. Consolidated U.S. enterprise means (i) a U.S. financial
services provider, (ii) any U.S. corporation, proceeding up the
financial services provider’s ownership chain, that owns more
than 50 percent of the voting securities of the corporation
below it, and (iii) any U.S. corporation, proceeding down the
ownership chain(s) of each of these corporations, whose voting
securities are more than 50 percent owned by the U.S.
corporation above it.
E. United States, when used in a geographic sense, means the
50 states, the District of Columbia, the Commonwealth of
Puerto Rico, and all territories and possessions of the United
States.
F. Foreign, when used in a geographic sense, means that which is
situated outside the United States or which belongs to or is
characteristic of a country other than the United States.
G. 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), and any government (including a foreign government,
the United States Government, a State or local government,
and any agency, corporation, financial institution, or other
entity or instrumentality thereof, including a government
sponsored agency).
1. United States person means any person resident in
the United States or subject to the jurisdiction of the
United States.
2. Foreign person means any person resident outside the
United States or subject to the jurisdiction of a country
other than the United States.
H. Business enterprise means any organization, association,
branch, or venture which exists for profit-making purposes or to
otherwise secure economic advantage, and any ownership of any
real estate. (A business enterprise is a "person" within the
definition in paragraph G. above.)
I. Unaffiliated foreign person means, with respect to a given
U.S. person, any foreign person that is not an affiliated foreign
person as defined in paragraph J. below.
J. Affiliated foreign person means with respect to a given U.S.
person in a direct investment relationship, (i) a foreign affiliate of
which the U.S. person is the U.S. parent, or (ii) the foreign parent or
other member of the affiliated foreign group of which the U.S. person
is a U.S. affiliate.
K. Affiliate means a business enterprise located in one country that
is directly or indirectly owned or controlled by a person of another
country to the extent of 10 percent or more of its voting stock for
an incorporated business or an equivalent interest for an
unincorporated business, including a branch.
1. Foreign affiliate means an affiliate located outside the
United States in which a U.S. person has direct investment.
2. U.S. affiliate means an affiliate located in the United States
in which a foreign person has direct investment.
3. Foreign affiliate of a foreign parent means, with reference
to a given U.S. affiliate, any member of the affiliated
foreign group owning the U.S. affiliate that is not a foreign
parent of the U.S. affiliate.
L. Direct investment means the ownership or control, directly or
indirectly, by one person of 10 percent or more of the voting stock
of an incorporated business enterprise or an equivalent interest in
an unincorporated business enterprise.
M. Parent means a person of one country who, directly or indirectly,
owns or controls 10 percent or more of the voting securities of an
incorporated business enterprise, or an equivalent ownership
interest in an unincorporated business enterprise, that is located
outside the country.
1. U.S. parent means the U.S. person that has direct investment
in a foreign business enterprise, including a branch.
2. Foreign parent means the first person outside the United
States that has direct investment in a U.S. business enterprise,
including a branch.
N. Affiliated foreign group means (i) the foreign parent, (ii) any
foreign person proceeding up the foreign parent’s ownership
chain that owns more than 50 percent of the person below it up
to and including that person which is not owned more than 50
percent by another foreign person, and (iii) any foreign person,
proceeding down the ownership chain(s) of each of these
members, that is owned more than 50 percent by the person
above it.
O. Country means, for purposes of this survey, the country of
location of the foreign person with whom a transaction has
occurred.
III. OTHER INSTRUCTIONS
A. Differentiating between U.S. and foreign persons
In II.G.2. of these Instructions, a "foreign person" is defined as any
person resident outside the United States or subject to the
jurisdiction of a country other than the United States. Persons that
reside or expect to reside for 1 year or more in a foreign country
are considered to be foreign persons. International
organizations are considered to be foreign persons whether they
are based in the United States (such as the International
Monetary Fund, Inter-American Development Bank, United
Nations, World Bank, and the Organization of American States) or
abroad.
The following sources may be helpful in identifying and classifying
by country financial services transactions with foreign persons:
1. Billing records or mailing address information to identify the
country of the foreign person(s) – report receipts and
payments with a given foreign country, or international
organization, if the billing records or mailing address identify
that foreign country as the location of the foreign person that
was a party to the transaction.
2. IRS Form W-8, Certificate of Foreign Status filed by
foreign persons, and IRS Form W-9, Request for
Taxpayer Identification Number and Certification (filed by
U.S. persons).
3. Any other available information on residency of persons with
whom you have sold or purchased financial services.
NOTE: Steps 2 and 3 above may be necessary when foreign
customers provide billing addresses of U.S. agents or other
locations of convenience in the United States.
B. Who must report a transaction when an intermediary is
involved
Financial services transactions between a U.S. person and a
foreign person are frequently arranged by, billed through, or
otherwise facilitated by, a financial services provider or
intermediary. The intermediary may be U.S. or foreign, and may
be affiliated or unaffiliated with the U.S. person, or the foreign
person. The U.S. financial services provider or intermediary that
directly deals with a foreign person, and not the U.S. customer of
the intermediary, is typically responsible for reporting the
transaction on this survey.
Use the following guidelines to determine who should report
data on payments of brokerage fees and commissions (service
codes 1 and 2) in cases where more than one U.S. financial
services provider is involved in or knowledgeable about the
transaction.
Where a U.S. broker is involved in the transaction, the broker
should report the data on payments of brokerage commissions.
If a U.S. broker is not involved, a U.S. financial manager,
such as a fund or investment manager, involved in the
transaction should report the data.
Where neither a U.S. broker nor a U.S. manager is involved
in the transaction, a U.S. custodian should report; this would
be the case, for example, where the principal uses a foreign
(rather than a U.S.) financial manager, but a U.S. custodian.
(In this case, the custodian may wish to contact the principal
to determine which of its financial managers are foreign
persons.)
If the custodian does not have or cannot obtain the
information needed to report, then the U.S. principal, or its
paying agent, should report the data; the U.S. principal must
make the determination of whether it or its paying agent is
responsible for reporting.
Respondents may deviate from these guidelines by agreement
among themselves. Please confer with one another to assure
that the data reported on payments of brokerage commissions
are neither omitted from all BE-180 reports, resulting in
undercounting of data, nor reported on more than one BE-180
report, resulting in duplication.
C. Distinguishing between affiliated and unaffiliated
transactions
For purposes of reporting on this survey, it is necessary to
distinguish between transactions between affiliated U.S. and
foreign persons, and transactions between unaffiliated U.S. and
foreign persons. An unaffiliated foreign person is a foreign person
that is neither the foreign affiliate nor the foreign parent (or other
member of the affiliated foreign group) of the consolidated U.S.
enterprise filing Form BE-180. (See II.K., I., J., M., and N. in these
Instructions.)
Transactions with unaffiliated foreign persons by or through a
foreign activity of a U.S. person that is not a foreign affiliate of
the U.S. person are deemed to be direct transactions of the U.S.
person. Report such direct transactions in this survey.
If a U.S. person’s foreign activity or operation is incorporated
abroad, it is a foreign affiliate.
If a U.S. person’s foreign activity or operation is NOT
incorporated abroad, its status is based on the weight of the
evidence when the following factors are considered.
An unincorporated foreign activity or operation generally WOULD
NOT be considered a foreign affiliate if it:
1. conducts business abroad only for the U.S. person’s account
and not for its own account;
2 . has no separate financial statements (including an income
statement and balance sheet);
3. receives funds to cover its expenses only from the
U.S. person;
4. is not subject to foreign income taxes; and
5. has limited physical assets, or employees, permanently
located abroad.
Criteria for determining which U.S. activities do or do not
constitute a U.S. affiliate of a foreign person are parallel to
those listed above.
Under the Treasury International Capital reporting system, the
Department of the Treasury conducts mandatory surveys on the
international financial position of the United States and on
movements of portfolio investment capital between the United
States and foreign countries that may give rise to financial services
transactions. Inquiries about these surveys should be directed to the
Federal Reserve Bank of New York (as fiscal agent for the Treasury
Department) at (212) 720–8001.
IV. SERVICES COVERED
This survey covers receipts (Schedule A of Form BE-180) and
payments (Schedule B) of fees, commissions, and other charges for
the following types of financial services:
1. Brokerage services related to equity transactions – Report
on Schedule A your receipts of commissions and fees (inclusive
of taxes and stamp duties) directly from foreign customers for
executing orders to purchase or sell securities. Report on
Schedule B your payments of commissions and fees directly to
foreign brokers for executing your or your customers’ equities
orders. Include brokerage transactions with foreign persons
conducted over the Internet and Electronic-communications
networks.
Do not report income where you were a dealer or other principal
who was at risk of incurring a loss on the financial instruments
rather than acting solely as the broker. For example, exclude
income from marking positions to market and inherent earnings
from dealer markups on buy and sell transactions (i.e., bid/ask
price spreads in dealing in securities).
2. Other brokerage services – Report on Schedule A your receipts
of commissions and fees (inclusive of taxes and stamp duties)
directly from foreign customers for executing orders to purchase
or sell options, futures, and other financial instruments. Also
include fees and commissions on brokering foreign currencies.
Report on Schedule B your payments of commissions and fees
directly to foreign brokers for executing your, or your customers’
orders related to options, futures or other financial instruments.
Include brokerage transactions with foreign persons conducted
over the Internet and Electronic- communications networks.
Report origination fees in connection with the over-the-counter
derivative financial instruments only if the fees are separately
identified in transaction documentation issued by the dealers in
the instruments to the customers, and are not considered
undifferentiated components of overall trading or marketmaking
gains.
Do not report income where you were a dealer or other principal
who was at risk of incurring a loss on the financial instruments
rather than acting solely as the broker. For example, exclude
income from marking positions to market and inherent earnings
from dealer markups on buy and sell transactions (i.e., bid/ask
price spreads in dealing in bonds, foreign currencies, and other
financial instruments).
Report brokerage commissions for arranging a joint venture in
service number 10, Other financial services. Report multi-currency
conversion fees of credit card companies in service number 6,
Credit card services.
Do not report fees for commodity or merchandise brokerage
services, real estate brokerages, and business services brokerage
because they are not considered to be financial services (as
opposed to fees for purchasing or selling commodity futures and
other financial instruments that are reportable on this survey).
3. Underwriting and private placement services – Report in
underwriting services your earnings from buying and reselling
an entire or substantial portion of newly issued securities.
Report on Schedule A as negative receipts your losses from
purchasing securities from a foreign person (issuer or lead
underwriter) and reselling them at a lower price. (This is the
only financial service category where negative amounts may be
reported.)
Also report fees you received from an issuer of securities for
privately placing its securities, or fees that you paid to a foreign
person who privately placed your securities, including fees on
dealer-placed commercial paper. Do not report earnings from
buying and selling (i.e., trading) commercial paper or other
securities for your own account, because they are not
considered to be financial services.
Where you are lead underwriter, report separately your receipts of
underwriting fees and payments of selling concessions and other
expenses. Report on Schedule A your underwriting fees, before
deduction of selling concessions paid to other members of the
syndicate, according to the country of the person (issuer) from
whom you purchased the securities. Report on Schedule B your
selling concessions and reimbursements for expenses paid by you
to foreign members of the syndicate based upon the country(ies)
of the foreign syndicate members receiving these sums.
Where you are a syndicate member other than the lead
underwriter, report on Schedule A selling concessions received
by you based upon the country of the lead underwriter.
Report payments of underwriting fees (on Schedule B) by an
issuer of securities as;
The estimated gross proceeds to the foreign lead underwriter
from the sale to the public of the securities – base this
estimate on the number of units of securities sold times the
per unit public offer price
Minus
The net proceeds received by the issuer from the foreign lead
underwriter.
Classify these payments according to the country of the foreign
lead underwriter.
Report fees or commissions received by, or paid to,
intermediaries that arrange the sale of securities (including
mutual funds shares) they do not themselves own as brokerage
services (under service number 1) rather than as underwriting
services.
4. Financial management services – Report services in which the
provider of the service has the authority to direct the use or
investment of funds or other assets. Report fee income from (to)
foreign persons for managing or administering financial
portfolios, such as cash, securities, futures, and other financial
instruments or assets, if you (they) have this authority. Report
the fees under service number 7, Financial advisory and custody
services, if a U.S. or foreign person has input into the decision-
making process but does not have this authority. Report these
fees whether or not the assets are in the custody of the manager
or in the custody of another U.S. or foreign person whom the
manager directs. Report fees from actively managed accounts
(where research and market timing skills are also provided) and
fees from passively managed, or indexed, accounts.
U.S. persons (including trustees and fiduciaries with management
authority) should report on Schedule A their fees from managing
foreign commodity pools, mutual funds, hedge funds, trusts
(including trusts containing mortgages), etc., (which are
considered foreign persons). Do not report fees from managing
U.S. mutual funds, hedge funds, trusts (including trusts
containing mortgages), etc., (which are considered U.S. persons)
unless the management fee is charged directly to a foreign
investor, owner, beneficiary, maker, etc., of the U.S. mutual fund,
hedge fund, or trust rather than charged to the U.S. mutual fund,
etc., itself.
NOTE: The total of your financial management receipts are
required to be disaggregated by the types of accounts for
which you provided management services on Question 15,
page 5, of the form. For Question 15 only, the data do not need
to be disaggregated by country or by type of foreign
transactor.
Report under service number 7, Financial advisory and custody
services, receipts from and payments to foreign persons
(including foreign-based custodians or subcustodians) for
managing the custody or safekeeping of securities.
Foreign participation in U.S. futures markets frequently occurs
indirectly, by foreign persons investing directly in a foreign
commodity pool that, in turn, invests directly in the U.S. futures
market. Foreign commodity pools may be organized by U.S.
commodity pool operators (CPO’s), such as U.S. brokerage
institutions. U.S. CPO’s report on Schedule A fees from managing
foreign commodity pools, including additional management fees
received based upon positive returns. Exclude gains and losses to
principal amounts you have invested in the pool; in this case,
your earnings are considered to be capital gains, which are not
covered on Schedules A and B. (Similar guidelines pertain to the
earnings of U.S. persons who manage foreign hedge funds; i.e.,
report management fees including additional fees based on
positive returns, but do not report gains or losses to principal
amounts invested in the funds.)
Do not report receipts (payments) of your foreign affiliates from
(to) foreign persons. For example, where your foreign affiliate
manages foreign assets, do not report the management fee paid
by foreign clients to your foreign affiliate because the fee was not
received by the U.S. reporter from a foreign person. (See III. of
the Instructions for a discussion of foreign activities of a U.S.
person that constitute a foreign affiliate.) Similarly, do not report
fees paid by you to, or received by you from, a U.S. affiliate of a
foreign person.
Do not report funding for foreign sales promotion and
representative offices in this survey. Report such funding on
Form BE-120 or BE-125.
5. Credit-related services, except card services – Report fees
received from or paid to foreign persons, including fees paid
directly and fees that are withheld or deducted from the
proceeds for:
Credit-related or lending-related services, such as fees
for renegotiating debt terms and fees for establishing/
originating, maintaining, accepting or arranging standby
letters of credit
Commercial and similar letters of credit
Letters of indemnity
Lines of credit
Participations in acceptances
Mortgages
Credit facilities
Reimbursement commissions for honoring import letters of
credit (ILC’s), and of discrepancy fees for financial services
provided when goods imported under ILC’s do not fully meet
specifications
Factoring services
Issuing financial guarantees and loan commitments (to make
or purchase loans)
Arranging or entering into financial lease contracts
Credit-related services received by, or paid to, note issuance
facilities (NIF’s)
Do not report underwriting fees on notes issued by NIF’s
(these should be reported under service number 3,
underwriting services). Also, do not report interest received
or paid, including discounts and premiums on notes
purchased or sold.
If you are a member of a loan syndicate, or of loan participations
other than syndicates, report fees received and paid for organizing,
managing, or participating in the operation. Do not report the sale
of assets (i.e., of parts or shares in the syndicated loan), because
these are not financial services. Where you have collected a fee
from a foreign person on a loan syndication and passed through a
portion of the fee to foreign syndicate members, report the total
fee you received on Schedule A and report the portion of the fee
you passed through on Schedule B. Borrowers under loan
syndicates or loan participations other than syndicates should
report payments of fees according to the country of the lead
manager of the syndicate.
Report payments of credit-related fees in the accounting period in
which the fee is assessed by the provider of credit-related services,
whether included in expenses for that particular accounting period
or amortized over several accounting periods.
If compensating balances are reflected in the cost of credit-related
services, report the (net) amount received or paid for credit-related
services after credit for the value of the compensating balances. Do
not report the value of the compensating balance to the bank (in
the form of foregone interest expense). If the bank returns some
portion of its savings to its customers in the form of a credit
against other financial services provided, the amount to report for
the other financial services provided should be the reduced charge
after consideration of this credit.
6. Credit card services – Report all cross-border receipts and
payments for credit card services, whether paid separately or in
the form of a discount from face or par value.
U.S. credit card companies must report specified transactions in
which they themselves engage with foreign persons, as well as
specified transactions of their independent issuers or acquirers
with foreign persons. To avoid duplication, their independent
credit card issuers and acquirers are exempt from reporting data
on these credit card services.
Listed below are the major types of credit card services sold to or
purchased from foreign persons. The credit card company must
report separately total receipts and payments through the system
it controls or monitors. Total receipts (or total payments) of credit
card services are the sum of receipts (or payments) from all of
these services combined.
Transaction and service fees received from or paid to foreign
acquirers and issuers
Interchange received from foreign acquirers or paid to foreign
issuers
Discount (including interchange and overhead assessments,
reimbursements for telecommunication services, etc.) received
from or paid to foreign acquirers and issuers
Payments to foreign issuers, acquirers, or merchants under
guarantees to protect them from losses from a default in the
processing network
Fees you received from foreign issuers for credit authorization
services
Fees you received from foreign issuers for listing lost or stolen
credit card numbers in warning bulletins or on electronic files
Resignation assessments or membership fees received from
foreign issuers and acquirers
Multi-currency conversion fees received from foreign issuers or
paid to foreign acquirers, processing centers, or issuers
Independent issuers, acquirers, and processors must report credit
card services that are conducted outside the system controlled or
monitored by the credit card companies. Such transactions may
include annual dues and other fees received by issuers from
cardholders, payments to processors by independent issuers and
acquirers, and any interchange reimbursements that do not go
through the credit card system.
Do not report receipts or payments for credit card enhancements,
such as travel insurance, extended warranties, and discounts on
tour packages or other purchases.
7. Financial advisory and custody services – Report receipts
from and payments to foreign persons (including foreign-based
custodians or subcustodians) for managing the custody or
safekeeping of securities. Include the following:
Financial advisory services on mergers and acquisitions
Investment newsletters or investment advice
Commodity trading advisory services
Proxy voting advisory services
Custody services (including payments and settlements services
such as mortgage servicing services)
Other advisory and custody services provided by U.S. or foreign
persons who have no discretion, or who have very limited
discretion, to act independently from instructions provided by the
investor or another principal
Include services with foreign persons conducted over the Internet.
Exclude services where you are at risk of incurring a loss, such as
underwriting services (service number 3).
U.S. issuers of American Depositary Receipts (ADR’s) and
American Depositary Shares (ADS’s) – Report on Schedule B your
payments to foreign correspondent institutions for holding the
securities backing the ADR’s and ADS’s. U.S. issuers of ADS’s
should also report, on Schedule A, any receipts of sponsorship
fees from foreign persons.
Do not report fees received from or paid to a U.S. subsidiary (or
U.S. affiliate) of a foreign person, because, under balance of
payments conventions, these are considered U.S., not foreign,
persons.
Where you do have complete (or substantially complete)
discretion to act independently from instructions provided by
investors or other principals, report your receipts under service
number 4, Financial management services. Where you are an
investor or principal, and a foreign person has complete (or
substantially complete) discretion to act independently on your
behalf, report your payments under service number 4.
8. Securities lending services – U.S. securities lenders and
borrowers, and their agents, should report amounts received
directly from, or paid directly to, foreign persons, for lending or
borrowing securities. Report fees received by or paid to
principals or agents for arranging loan terms and conditions,
monitoring the value of collateral, providing guarantees against
default, and providing other securities lending services. Report
rebates received or paid on "borrow versus cash transactions."
Do not report amounts received from, or paid to, foreign persons
by a U.S. or foreign agent upon the default of a customer,
because such payments are not considered to be for financial
services. Do not report interest under repurchase or reverse
repurchase agreements, because interest is not reportable
(although, as mentioned, rebates are reportable) on this form.
9. Electronic funds transfer services – Report fees for the
electronic funds transfers of money or financial assets received
directly from, or paid directly to, foreign persons. Include
payments to SWIFT, in Belgium.
10. Other financial services (Specify primary type(s) on line 29 of
the appropriate schedule.) – Report the total amount of fees
you received from or paid to foreign persons for all other
financial services combined. Report the type(s) of service(s)
accounting for the largest share of the data being reported on
line 30 provided at the bottom of the schedules. Examples of
services that may be reported under this category include:
Asset pricing services
Security exchange listing fees
Demand deposit fees
Securities rating services
Check processing fees
Mutual fund exit fees, load charges and 12b–1 service fees
Security redemption or transfer services
ATM network services
Securities or futures clearing and settling services
Brokerage services not covered above, such as for arranging
joint ventures
Do not report real estate brokerage fees (real estate services),
business brokerage fees (business services), and commodity or
merchandise brokerage fees (wholesale or retail trade services),
because these are not considered financial services.
Note that some types of transactions by financial services
providers are not covered on this form. See V. of the Instructions
for a list of types of transactions not to be reported.
V. TYPES TRANSACTIONS EXCLUDED
FROM COVERAGE
Do not report the following types of transactions on this survey:
A. Stock quotation and financial information services – These
are instead covered by Form BE-120 or BE-125, under data base
and other information services.
B. Insurance premiums and losses, and commissions on
insurance – These are covered on other BEA forms. (See BEA’s
web site www.bea.gov/bea/surveys for information regarding these
forms.) Charges at the individual policy level also are not covered.
C. Annuity purchases and payments to annuitants – Annuity
purchases and payments to annuitants are not covered. Also,
charges at the individual policy level, including insurance company
fees on variable annuities, are not covered.
D. Pension fund contributions and benefits – Pension fund
contributions and pension benefits are not covered. However,
U.S. pension funds may engage in other financial services
transactions that are reportable on this form, including payments
of brokerage commissions and fees for investment management
or financial advisory services to foreign persons.
E. Interest and dividend receipts and payments – Under
balance of payments conventions, interest and dividends are
considered to be investment income rather than income from
services, and are therefore not covered by this survey.
F. Premiums and other proceeds from writing (selling)
options, forwards, futures, and swaps – Premiums from
writing options, and fees and other proceeds from writing
forwards, futures, and swaps are not covered. (However, explicit
brokerage commissions on transactions in these financial
instruments are covered under service number 2, Other
brokerage services.)
G. Earnings of principals from buying and selling (including
dealing, trading, holding, or arbitrage) of financial
instruments, except foreign currency exchange
transactions – Under balance of payments conventions, these
types of earnings are considered to be "capital gains" (i.e.,
earnings that are not from current production) rather than
payments for financial services, and are therefore not covered.
However, underwriting is considered to be a financial service,
and is covered under service number 3.
H. Foreign currency exchange transactions – Bid/ask price
spreads and trading profits on currency exchange transactions
are not covered. However, explicit commissions paid to currency
exchange brokers are covered under service number 2, Other
brokerage services.
I. Bond transactions – Bid/ask price spreads and trading profits
on bond transactions are not covered. However, explicit
commissions paid to bond brokers are covered under service
number 2, Other brokerage services.
VI. REPORTING PROCEDURES
A. Due date – A completed form is due XXXX, xx, 2010.
B. Fiscal year – This report is to be completed for your fiscal year that
ends in the calendar year 2009.
C. International Organizations – Report transactions with
international organizations, such as the International Monetary
Fund, which, according to balance of payments conventions, are
considered foreign persons even if they are headquartered in the
United States. Enter the abbreviated designation, “Int’l Org.” as
the name of the country of the foreign party of the transaction.
D. Extension – Requests for an extension of the reporting
deadline will not normally be granted. However, in a hardship
case, a written request for an extension will be considered if it
is received at least 15 days before the due date. You may e-mail
the request to [email protected]. BEA will provide a
written response to such a request.
E. Assistance and additional copies of the forms – Phone
(202) 606–5588 between 8:30 a.m. and 5:00 p.m., eastern time
for assistance. Copies of our forms are also available on BEA’s
web site: www.bea.gov/bea/surveys/iussurv.htm.
F. Original and file copies – File a single original copy of each
form. Please use the copy with the address label if such a
labeled copy has been provided. Companies that elect to file
separate reports for their separately organized financial services
subsidiaries or parts must file a separate original copy of the
form for each separate subsidiary or part. In addition, retain a
copy of each report in your files to facilitate resolution of
problems; these copies should be retained by the U.S. Reporter
for a period of not less than three years beyond the original
due date.
G. Estimates – If actual figures are not available, supply
estimates and label them as such. When data items cannot be
fully subdivided as required, report totals and an estimated
breakdown of the totals.
H. Where to send the report – To file a report electronically see our
web site at www.bea.gov/efile for details.
Send reports filed by mail through the U.S. Postal Service to:
U.S. Department of Commerce
Bureau of Economic Analysis
BE-50(SSB)
Washington, DC 20230
Send reports filed by direct private express delivery to:
U.S. Department of Commerce
Bureau of Economic Analysis
BE-50(SSB)
Shipping and Receiving Section M-100
1441 L Street, NW
Washington, DC 20005
Fax reports to: (202) 606-5318