The Hedge Fund Law Report

The definitive source of actionable intelligence on hedge fund law and regulation

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By Topic: Bureau of Economic Analysis Forms

  • From Vol. 8 No.35 (Sep. 10, 2015)

    Certain Hedge Funds and Their Managers Face Looming Form BE-180 Filing Requirement

    Every five years, the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce conducts a benchmarking survey of financial services transactions between U.S. and foreign persons.  A U.S. “financial services provider” – a term that encompasses hedge funds and their managers – that purchased more than $3 million of specified financial services from, or sold more than $3 million of such services to, foreign persons in fiscal 2014, is required to file BEA Form BE-180.  A firm notified of the survey by the BEA is also required to complete and file portions of the form even if it is not otherwise obligated to do so.  This article summarizes the filing requirements, the information required to be provided and the fund-specific guidance provided by the BEA.  Hedge fund managers may also be subject to reporting on BEA Forms BE-10, BE-11 and BE-13, which track direct investments in U.S. and foreign businesses.  See “Swiss Hedge Fund Marketing Regulations, BEA Forms and Form ADV Updates: An Interview with Proskauer Partner Robert Leonard,” The Hedge Fund Law Report, Vol. 8, No. 9 (Mar. 5, 2015); and “Certain Hedge Fund Managers and Funds That Engage in Foreign Transactions Will Need to File Form BE-11 Imminently,” The Hedge Fund Law Report, Vol. 5, No. 26 (Jun. 28, 2012).

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  • From Vol. 8 No.9 (Mar. 5, 2015)

    Swiss Hedge Fund Marketing Regulations, BEA Forms and Form ADV Updates:  An Interview with Proskauer Partner Robert Leonard

    The Hedge Fund Law Report recently interviewed Robert Leonard, a partner in Proskauer’s Hedge Funds Group, on implications of the recently effective Swiss Collective Investment Scheme for marketing hedge funds in Switzerland; two new forms required by the Bureau of Economic Analysis to be filed by certain hedge funds; and considerations arising out of Form ADV annual amendments.  This interview was conducted in connection with the Hedge Funds Care 17th Annual NY Open Your Heart to the Children Benefit, to be held in New York City tonight, March 5, 2015.  For more on Hedge Funds Care, click here; for registration information on tonight’s Open Your Heart to the Children Benefit, click here.  See also “The Changing Face of Alternative Asset Management in Switzerland,” The Hedge Fund Law Report, Vol. 5, No. 5 (Feb. 2, 2012).

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  • From Vol. 5 No.26 (Jun. 28, 2012)

    Certain Hedge Fund Managers and Funds That Engage in Foreign Transactions Will Need to File Form BE-11 Imminently

    The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) collects information on foreign investment by U.S. persons by issuing surveys that must be completed and returned by certain U.S. persons, which could include hedge fund managers and hedge funds.  One of these surveys, called the Annual Survey of U.S. Direct Investment Abroad (Form BE-11) requires U.S. persons that own, directly or indirectly, 10% or more of the voting securities of a foreign affiliate to complete and file Form BE-11 by May 31 of each year if the foreign affiliate crosses certain financial thresholds.  Form BE-11 has recently garnered significant attention within the hedge fund industry because the BEA has informally indicated that it may take enforcement action against those U.S. persons that fail to file Form BE-11 as required.  As such, as the May 31, 2012 deadline approached, many hedge fund managers petitioned for an extension to the filing deadline, and the BEA indicated that it would provide short extensions (from one month to three months) for filers.  The length of the extension varies depending on the number of Forms BE-11 required to be filed.  Failure to file Form BE-11 as required may lead to civil and criminal penalties.  This article discusses Form BE-11 filing requirements applicable to hedge fund managers.

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