New Reporting Requirements Regarding Foreign Investment and Ownership
This article originally was published in the Winter 2015 Edition of the Dechert Private Equity Newsletter but has been updated to reflect recent guidance from the U.S. Commerce Department’s Bureau of Economic Affairs (BEA) on the scope of companies affected by the BE-10 survey reporting requirements and in light of upcoming deadlines in May and June 2015 for companies that are required to respond to the BE-10 survey.
In particular, BEA has clarified that U.S. companies that had no non-U.S. affiliates during 2014 and that were not otherwise contacted by BEA will not be required to take any action with respect to the BE-10 survey. Instead, the only companies that will be required to take action are: (1) U.S. companies that had any non-U.S. affiliates during 2014, regardless of whether they are contacted by BEA; and (2) U.S. companies that are contacted directly by BEA, regardless of whether they had any non-U.S. affiliates during 2014. U.S. companies that are required to respond to the BE-10 survey generally must do so by either May 29, 2015 or June 30, 2015, depending on the nature of activities to be reported, but can request an extension of time from BEA to respond.