May 29, 2015
As we reported earlier this month, the Department of Commerce, Bureau of Economic Analysis ("BEA") published a final rule in December 2014 that required certain U.S. companies who had foreign affiliates in 2014 to file a report with the BEA in response to a newly instituted BE-10, Benchmark Survey of U.S. Direct Investment Abroad — 2014 ("BE-10 Survey").[1]
This week, as the initial May 29, 2015 deadline for reporting approached, the BEA decided to grant what will likely be viewed by at least some U.S. companies as a welcome reprieve, extending the deadline for all "new filers" to June 30, 2015. A "new filer" is defined by the BEA as "a U.S. company or person that is required to file on the BE-10 survey but has never filed any BEA survey of U.S. direct investment abroad, including the BE-10, BE-11 and BE-577 surveys."[2]
This primarily affects companies who are required to file a response to the 2014 BE-10 Survey and expect to file less than 50 forms as part of that report. The deadline for reporting by all such companies had been May 29, 2015. Now, if a company expects to file less than 50 forms, but is a new filer, the deadline for that company’s 2014 BE-10 Survey response is extended to June 30, 2015. Companies that expect to file less than 50 forms, but previously have filed one of the named reports, are still required to file by May 29, 2015, unless an extension has been granted. All companies that expected to file 50 or more forms as part of their response to the 2014 BE-10 Survey were already subject to a June 30, 2015 deadline, although extensions for that deadline may also be available.
[1] For more detail on the requirements and scope of the BE-10 Survey, see Gibson Dunn’s Client Alert, Guidelines for Reporting Under Commerce Department’s Benchmark Survey of U.S. Direct Investment Abroad (BE-10) (May 8 2015), http://www.gibsondunn.com/wp-content/uploads/documents/publications/Guidelines-for-Reporting-Under-Commerce-Dept-Benchmark-Survey–US-Direct-Investment-Abroad.pdf.
[2] U.S. Bureau of Economic Analysis, FAQ: "How can a new filer submit the 2014 BE-10 survey? (Apr. 21, 2015), http://www.bea.gov/faq/index.cfm?faq_id=1066.
Gibson, Dunn & Crutcher’s lawyers are available to assist in addressing any questions you may have regarding the above developments. Please contact the Gibson Dunn lawyer with whom you usually work, or the authors of this alert:
Judith A. Lee – Washington, D.C. (+1 202-887-3591, [email protected])
David A. Wolber – Washington, D.C. (+1 202-887-3727, [email protected])
Please also feel free to contact any of the following members of the firm’s International Trade Group:
United States:
Judith Alison Lee – Co-Chair, Washington, D.C. (+1 202-887-3591, [email protected])
Ronald Kirk – Co-Chair, Dallas (+1 214-698-3295, [email protected])
Jose W. Fernandez – New York (+1 212-351-2376, [email protected])
Marcellus A. McRae – Los Angeles (+1 213-229-7675, [email protected])
Daniel P. Chung – Washington, D.C. (+1 202-887-3729, [email protected])
Andrea Farr – Washington, D.C. (+1 202-955-8680, [email protected])
Stephenie Gosnell Handler – Washington, D.C. (+1 202-887-3517, [email protected])
Eric B. Lorber – Washington, D.C. (+1 202-887-3758, [email protected])
Lindsay M. Paulin – Washington, D.C. (+1 202-887-3701, [email protected])
Michael Willes - Los Angeles (+1 213-229-7094, [email protected])
David A. Wolber – Washington, D.C. (+1 202-887-3727, [email protected])
Annie Yan – Washington, D.C. (+1 202-887-3547, [email protected])
Europe:
Peter Alexiadis – Brussels (+32 2 554 72 00, [email protected])
Attila Borsos – Brussels (+32 2 554 72 10, [email protected])
Patrick Doris – London (+44 (0)207 071 4276, [email protected])
Penny Madden – London (+44 (0)20 7071 4226, [email protected])
Mark Handley – London (+44 (0)207 071 4277, [email protected])