Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad, 71238-71240 [05-23316]
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71238
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Rules and Regulations
Points, dated September 1, 2005, and
effective September 15, 2005, is
amended as follows:
Paragraph 6007—Offshore Airspace Areas.
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Norton Sound Low, AK [Amended]
That airspace extending upward from
1,200 MSL within a 45-mile radius of the
Deering Airport, Alaska, and airspace
extending upward from 14,500 feet MSL
within an area bounded by a line beginning
at Lat. 59°59′57″ N., long. 168°00′08″ W.; to
Lat. 62°35′00″ N., long. 175°00′00″ W.; to Lat.
65°00′00″ N., long. 168°58′23″ W.; to Lat.
68°00′00″ N., long. 168°58′23″ W.; to a point
12 miles offshore at Lat. 68°00′00″ N.; thence
by a line 12 miles from and parallel to the
shoreline to Lat. 56°42′59″ N., long.
160°00′00″ W.; to Lat. 58°06′57″ N., long.
160°00′00″ W.; to Lat. 57°45′57″ N., long.
161°46′08″ W.; to the point of beginning,
excluding that portion that lies within Class
E airspace above 14,500 feet MSL, Federal
airways and the Nome and Kotzebue, AK,
Class E airspace areas.
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Issued in Washington, DC, on November
17, 2005.
Edith V. Parish,
Manager, Airspace and Rules.
[FR Doc. 05–23306 Filed 11–25–05; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 806
[Docket No. 050726200–5305–2]
RIN 0691–AA58
Direct Investment Surveys: BE–11,
Annual Survey of U.S. Direct
Investment Abroad
Bureau of Economic Analysis,
Commerce.
ACTION: Final rule.
AGENCY:
SUMMARY: This final rule amends
regulations of the U.S. Department of
Commerce, Bureau of Economic
Analysis (BEA), for the BE–11, Annual
Survey of U.S. Direct Investment
Abroad.
The BE–11 survey is conducted
annually and is a sample survey that
obtains financial and operating data
covering the overall operations of
nonbank U.S. parent companies and
their nonbank foreign affiliates. To
address the current needs of data users
while at the same time keeping the
respondent burden as low as possible,
BEA is modifying, adding, or deleting
items on the survey forms and in the
reporting criteria. Most of the changes
VerDate Aug<31>2005
17:18 Nov 25, 2005
Jkt 208001
will bring the BE–11 forms and related
instructions into conformity with the
2004 BE–10, Benchmark Survey of U.S.
Direct Investment Abroad.
DATES: This final rule will be effective
December 28, 2005.
FOR FURTHER INFORMATION CONTACT: Obie
G. Whichard, Chief, International
Investment Division (BE–50), Bureau of
Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230;
phone (202) 606–9890 or e-mail
(obie.whichard@bea.gov).
In the
August 22, 2005, Federal Register, 70
FR 48920–48923, BEA published a
notice of proposed rulemaking setting
forth revised reporting requirements for
the BE–11, Annual Survey of U.S. Direct
Investment Abroad. No comments on
the proposed rule were received. Thus,
the proposed rule is adopted without
change. This final rule amends 15 CFR
806.14 to set forth the reporting
requirements for the BE–11, Annual
Survey of U.S. Direct Investment
Abroad.
SUPPLEMENTARY INFORMATION:
Description of Changes
The BE–11, Annual Survey of U.S.
Direct Investment Abroad, is a
mandatory survey and is conducted
annually by BEA under the
International Investment and Trade in
Services Survey Act (22 U.S.C. 3101–
3108), hereinafter, the Act. BEA will
send the survey to potential respondents
in March of each year; responses will be
due by May 31.
This final rule: (1) Increases the
exemption level for reporting on the
BE–11B(SF) form and BE–11C form
from $30 million to $40 million; (2)
increases the exemption level for
reporting on the BE–11B(LF) form from
$100 million to $150 million; and (3)
increases the exemption level for
reporting only selected items on Form
BE–11A from $100 million to $150
million. In addition to certain
identification items, U.S. Reporters with
total assets, sales or gross operating
revenues, and net income (loss) less
than or equal to $150 million report
only selected items on the BE–11A
report. In conjunction with the increase
in the exemption level for reporting on
Forms BE–11B(SF) and BE–11C, a
schedule on Form BE–11A is introduced
for reporting a few data items for
affiliates with assets, sales, and net
income between $10 million and $40
million that were established or
acquired during the year. The foreign
affiliate exemption level is the level of
a foreign affiliate’s assets, sales, or net
income below which a Form BE–
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Fmt 4700
Sfmt 4700
11B(LF), BE–11B(SF), or BE–11C is not
required.
In addition to the changes in reporting
criteria mentioned above, BEA is
introducing a statistical sampling
procedure that utilizes a new BE–
11B(EZ) form. This form provides a few
basic indicators for non-sample foreign
affiliates that can be used as a basis for
estimating data that otherwise would
have to be reported on the lengthier BE–
11B(LF) and BE–11B(SF) forms.
BEA is introducing a few changes to
the report forms themselves. BEA is
adding questions to the BE–11A form,
BE–11B(LF) form, and BE–11B(SF) form
to bring the annual survey into
conformity with the BE–10 benchmark
survey. BEA is collecting detail on: (1)
The broad occupational structure of
employment, (2) premiums earned and
claims paid by U.S. Reporters and
foreign affiliates operating in the
insurance industry, and (3) goods
purchased for resale for U.S. Reporters
and foreign affiliates operating in the
wholesale and retail trade industries. In
addition, BEA is expanding the
ownership section on the BE–11B(LF)
and (SF) forms to include components
that are collected on the benchmark
survey and to add a retained earnings
reconciliation section on the BE–
11B(LF) form similar to that on the
benchmark survey.
Survey Background
The Bureau of Economic Analysis
(BEA), U.S. Department of Commerce,
will conduct the survey under the
International Investment and Trade in
Services Survey Act (22 U.S.C. 3101–
3108), hereinafter, the Act. Section 4(a)
of the Act requires that with respect to
United States direct investment abroad,
the President shall, to the extent he
deems necessary and feasible, conduct a
regular data collection program to
secure current information on
international financial flows and other
information related to international
investment and trade in services,
including (but not limited to) such
information as may be necessary for
computing and analyzing the United
States balance of payments, the
employment and taxes of United States
parents and affiliates, and the
international investment and trade in
services position of the United States.
In Section 3 of Executive Order
11961, the President delegated authority
granted under the Act as concerns direct
investment to the Secretary of
Commerce, who has redelegated it to
BEA. The annual survey of U.S. direct
investment abroad is a sample survey
that provides a variety of measures of
the overall operations of U.S. parent
E:\FR\FM\28NOR1.SGM
28NOR1
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Rules and Regulations
companies and their foreign affiliates,
including total assets, sales, net income,
employment and employee
compensation, research and
development expenditures, and exports
and imports of goods. The sample data
are used to derive universe estimates in
nonbenchmark years from similar data
reported in the BE–10, Benchmark
Survey of U.S. Direct Investment
Abroad, which is taken every five years.
The data are needed to measure the size
and economic significance of direct
investment abroad, measure changes in
such investment, and assess its impact
on the U.S. and foreign economies. The
data are disaggregated by country and
industry of the foreign affiliate and by
industry of the U.S. parent.
Executive Order 12866
This final rule has been determined
not to be significant for purposes of E.O.
12866.
Executive Order 13132
This final rule does not contain
policies with Federalism implications
sufficient to warrant preparation of a
Federalism assessment under E.O.
13132.
Paperwork Reduction Act
The collection-of-information
required in this final rule has been
approved by the Office of Management
and Budget (OMB) under 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 a penalty for failure to comply
with, a collection-of-information subject
to the requirements of the Paperwork
Reduction Act unless that collection
displays a currently valid OMB control
number. The OMB control number for
the BE–11 is 0608–0053; the collection
will display the number.
The survey is expected to result in the
filing of reports from approximately
1,500 respondents. The respondent
burden for this collection of information
will vary from one company to another,
but is estimated to average 78.4 hours
per response, including time for
reviewing instructions, searching
existing data sources, gathering and
maintaining the data needed, and
completing and reviewing the collection
of information. Thus the total
respondent burden of the survey is
estimated at 117,600 hours (1,500
respondents times 78.4 hours average
burden).
Comments regarding the burden
estimate or any other aspect of this
collection of information should be
addressed to: Director, Bureau of
VerDate Aug<31>2005
17:18 Nov 25, 2005
Jkt 208001
Economic Analysis (BE–1), U.S.
Department of Commerce, Washington,
DC 20230 (Fax: 202–606–5311); and
Office of Management andBudget,
O.I.R.A., Paperwork Reduction Project
0608–0053, Attention PRA Desk Officer
for BEA, via the Internet at
pbugg@omb.eop.gov, or by Fax at 202–
395–7245.
Regulatory Flexibility Act
The Chief Counsel for Regulation,
Department of Commerce, has certified
to the Chief Counsel for Advocacy,
Small Business Administration, under
the provisions of the Regulatory
Flexibility Act (5 U.S.C. 605(b)), that
this rule will not have a significant
economic impact on a substantial
number of small entities. The factual
basis for the certification was published
in the proposed rule and is not repeated
here. No comments were received
regarding the economic impact of the
rule. As a result, no final regulatory
flexibility analysis was prepared.
List of Subjects in 15 CFR Part 806
U.S. investment abroad, Multinational
corporations, Economic statistics,
Penalties, Reporting and recordkeeping
requirements.
Dated: November 14, 2005.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
For the reasons set forth in the
preamble, BEA is amending 15 CFR Part
806 as follows:
I
PART 806—DIRECT INVESTMENT
SURVEYS
1. The authority citation for 15 CFR
Part 806 continues to read as follows:
I
Authority: 5 U.S.C. 301; 22 U.S.C. 3101–
3108; E.O. 11961 (3 CFR, 1977 Comp., p. 86),
as amended by E.O. 12318 (3 CFR, 1981
Comp., p. 173); E.O. 12518 (3 CFR, 1985
Comp., p. 348).
2. Section 806.14(f)(3) is revised to
read as follows:
I
§ 806.14
U.S. direct investment abroad.
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(f) * * *
(3) BE–11—Annual survey of U.S.
Direct Investment Abroad: A report,
consisting of Form BE–11A and Form(s)
BE–11B(LF) (Long Form), BE–11B(SF)
(Short Form), BE–11B(EZ), and/or BE–
11C, is required of each nonbank U.S.
Reporter that, at the end of the
Reporter’s fiscal year, had a nonbank
foreign affiliate reportable on Form BE–
11B(LF), (SF), (EZ), or BE–11C. Forms
required and the criteria for reporting on
each are as follows:
(i) Form BE–11A (Report for U.S.
Reporter) must be filed by each nonbank
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Fmt 4700
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71239
U.S. person having a foreign affiliate
reportable on Form BE–11B(LF), (SF),
(EZ), or BE–11C. If the U.S. Reporter is
a corporation, Form BE–11A is required
to cover the fully consolidated U.S.
domestic business enterprise. However,
where a U.S. Reporter’s primary line of
business is not in banking (or related
financial activities), but the Reporter
also has ownership in a bank, banking
activities should be included on the BE–
11A using the equity method of
accounting.
(A) If for a nonbank U.S. Reporter any
one of the following three items total
assets, sales or gross operating revenues
excluding sales taxes, or net income
after provision for U.S. income taxes
was greater than $150 million (positive
or negative) at the end of, or for, the
Reporter’s fiscal year, the U.S. Reporter
must file a complete Form BE–11A. It
must also file a Form BE–11B(LF), (SF),
(EZ), or BE–11C as applicable, for each
nonexempt foreign affiliate.
(B) If for a nonbank U.S. Reporter no
one of the three items listed in
paragraph (f)(3)(i)(A) of this section was
greater than $150 million (positive or
negative) at the end of, or for, the
Reporters fiscal year, the U.S. Reporter
is required to file on Form BE–11A only
items 1 through 27 and Part IV. It must
also file a Form BE–11B(LF), (SF), (EZ),
or BE–11C as applicable, for each
nonexempt foreign affiliate.
(ii) Forms BE–11B(LF), (SF), and (EZ)
(Report for Majority-owned Foreign
Affiliate).
(A) A BE–11B(LF) (Long Form) is
required to be filed for each majorityowned nonbank foreign affiliate of a
nonbank U.S. Reporter for which any
one of the three items total assets, sales
or gross operating revenues excluding
sales taxes, or net income after
provision for foreign income taxes was
greater than $150 million (positive or
negative) at the end of, or for, the
affiliate’s fiscal year, unless the nonbank
foreign affiliate is selected to be
reported on Form BE–11B(EZ).
(B) BE–11B(SF) (Short Form) is
required to be filed for each majorityowned nonbank foreign affiliate of a
nonbank U.S. Reporter for which any
one of the three items listed in
paragraph (f)(3)(ii)(A) of this section was
greater than $40 million (positive or
negative), but for which no one of these
items was greater than $150 million
(positive or negative), at the end of, or
for, the affiliate’s fiscal year, unless the
nonbank foreign affiliate is selected to
be reported on Form BE–11B(EZ).
(C) A BE–11B(EZ) is required be filed
for each nonbank foreign affiliate that is
selected to be reported on this form in
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28NOR1
71240
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Rules and Regulations
lieu of Form BE–11B(LF) or Form BE–
11B(SF).
(iii) Form BE–11C (Report for
Minority-owned Foreign Affiliate) must
be filed for each minority-owned
nonbank foreign affiliate that is owned
at least 20 percent, but not more than 50
percent, directly and/or indirectly, by
all U.S. Reporters of the affiliate
combined, and for which any one of the
three items listed in paragraph
(f)(3)(ii)(A) of this section was greater
than $40 million (positive or negative)
at the end of, or for, the affiliate’s fiscal
year. In addition, for the report covering
fiscal year 2007 only, a Form BE–11C
must be filed for each minority-owned
nonbank foreign affiliate that is owned,
directly or indirectly, at least 10 percent
by one U.S. Reporter, but less than 20
percent by all U.S. Reporters of the
affiliate combined, and for which any
one of the three items listed in
paragraph (f)(3)(ii)(A) of this section was
greater than $100 million (positive or
negative) at the end of, or for, the
affiliate’s fiscal year.
(iv) Based on the preceding, an
affiliate is exempt from being reported
if it meets any one of the following
criteria:
(A) None of the three items listed in
paragraph (f)(3)(ii)(A) of this section
exceeds $40 million (positive or
negative). (However, affiliates that were
established or acquired during the year
and for which at least one of these items
was greater than $10 million but not
over $40 million must be listed, and key
data items reported, on a supplement
schedule on Form BE–11A.)
(B) For fiscal year 2007 only, it is less
than 20 percent owned, directly or
indirectly, by all U.S. Reporters of the
affiliate combined and none of the three
items listed in paragraph (f)(3)(ii)(A) of
this section exceeds $100 million
(positive or negative).
(C) For fiscal years other than 2007, it
is less than 20 percent owned, directly
or indirectly, by all U.S. Reporters of the
affiliate combined.
(D) Its U.S. parent (U.S. Reporter) is
a bank.
(E) It is itself a bank.
(v) Notwithstanding paragraph
(f)(3)(iv) of this section, a Form BE–
11B(LF), (SF), (EZ) or BE–11C must be
filed for a foreign affiliate of the U.S.
Reporter that owns another non-exempt
foreign affiliate of that U.S. Reporter,
even if the foreign affiliate parent is
otherwise exempt. That is, all affiliates
upward in the chain of ownership must
be reported.
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[FR Doc. 05–23316 Filed 11–25–05; 8:45 am]
BILLING CODE 3510–06–P
VerDate Aug<31>2005
17:18 Nov 25, 2005
Jkt 208001
DEPARTMENT OF THE INTERIOR
Office of Surface Mining Reclamation
and Enforcement
30 CFR Part 934
[ND–048–FOR, Amendment No. XXXV]
North Dakota Regulatory Program
Office of Surface Mining
Reclamation and Enforcement, Interior.
ACTION: Final rule; approval of
amendment.
AGENCY:
SUMMARY: We are approving a proposed
amendment to the North Dakota
regulatory program (the ‘‘North Dakota
program’’) under the Surface Mining
Control and Reclamation Act of 1977
(SMCRA or the Act). North Dakota
proposed revisions to its statute which
reduce notice requirements associated
with bond release applications. North
Dakota intends to revise its program to
improve operational efficiency.
EFFECTIVE DATE: November 28, 2005.
FOR FURTHER INFORMATION CONTACT:
Acting Field Office Director Frank
Atencio, Telephone: 307/261–6550, email address: fatencio@osmre.gov.
SUPPLEMENTARY INFORMATION:
I. Background on the North Dakota Program
II. Submission of the Proposed Amendment
III. Office of Surface Mining Reclamation and
Enforcement’s (OSM) Findings
IV. Summary and Disposition of Comments
V. OSM’s Decision
VI. Procedural Determinations
I. Background on the North Dakota
Program
Section 503(a) of the Act permits a
State to assume primacy for the
regulation of surface coal mining and
reclamation operations on non-Federal
and non-Indian lands within its borders
by demonstrating that its State program
includes, among other things, ‘‘a State
law which provides for the regulation of
surface coal mining and reclamation
operations in accordance with the
requirements of this Act; and rules and
regulations consistent with regulations
issued by the Secretary pursuant to this
Act.’’ See 30 U.S.C. 1253(a)(1) and (7).
On the basis of these criteria, the
Secretary of the Interior conditionally
approved the North Dakota program on
December 15, 1980. You can find
background information on the North
Dakota program, including the
Secretary’s findings, the disposition of
comments, and conditions of approval
in the December 15, 1980, Federal
Register (45 FR 82214). You can also
find later actions concerning North
Dakota’s program and program
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
amendments at 30 CFR 934.15, 934.16,
and 934.30.
II. Submission of the Proposed
Amendment
By letter dated April 20, 2005, North
Dakota sent us an amendment to its
program (amendment number XXXV,
Administrative Record No. ND–JJ–01)
under SMCRA (30 U.S.C. 1201 et seq.).
The amendment includes changes made
at the State’s initiative. The provisions
of its North Dakota Century Code
(NDCC) that North Dakota proposed to
revise are NDCC 38–14.1–17.1.a and b,
Release of performance bond ‘‘
Schedule—Notification—Public
hearing.
We announced receipt of the
proposed amendment in the July 5,
2005, Federal Register (70 FR 38639),
Administrative Record No. ND–JJ–07. In
the same document, we opened the
public comment period and provided an
opportunity for a public hearing or
meeting on the amendment’s adequacy.
We did not hold a public hearing or
meeting because no one requested one.
The public comment period ended on
August 4, 2005. We received one
comment from the North Dakota State
University.
III. OSM’s Findings
Following are the findings we made
concerning the amendment under
SMCRA and the Federal regulations at
30 CFR 732.15 and 732.17. We are
approving the amendment.
A. Minor Revisions to North Dakota’s
Statute
North Dakota proposed minor
wording, editorial, punctuation,
grammatical, and recodification changes
to the following previously-approved
statute: NDCC 38–14.1–17.1.a and b.
Because these changes are minor, we
find that they will not make North
Dakota’s statute less stringent than
SMCRA.
B. Revisions to North Dakota’s Statute
That Have the Same Meaning as the
Corresponding Provisions of SMCRA
The following revisions to the NDCC
proposed by North Dakota contain
language that is the same as or similar
to the corresponding sections of
SMCRA.
NDCC 38–14.1–17.1.a and b (SMCRA
519(a)), [Release of performance bondSchedule-Notification-Public hearing]
The first change deletes the
requirement that the permittee publish
newspaper notices in daily newspapers
of general circulation in the mine’s
locality. However, the permittee is still
required to publish bond release
E:\FR\FM\28NOR1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 227 (Monday, November 28, 2005)]
[Rules and Regulations]
[Pages 71238-71240]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-23316]
=======================================================================
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 806
[Docket No. 050726200-5305-2]
RIN 0691-AA58
Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct
Investment Abroad
AGENCY: Bureau of Economic Analysis, Commerce.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends regulations of the U.S. Department of
Commerce, Bureau of Economic Analysis (BEA), for the BE-11, Annual
Survey of U.S. Direct Investment Abroad.
The BE-11 survey is conducted annually and is a sample survey that
obtains financial and operating data covering the overall operations of
nonbank U.S. parent companies and their nonbank foreign affiliates. To
address the current needs of data users while at the same time keeping
the respondent burden as low as possible, BEA is modifying, adding, or
deleting items on the survey forms and in the reporting criteria. Most
of the changes will bring the BE-11 forms and related instructions into
conformity with the 2004 BE-10, Benchmark Survey of U.S. Direct
Investment Abroad.
DATES: This final rule will be effective December 28, 2005.
FOR FURTHER INFORMATION CONTACT: Obie G. Whichard, Chief, International
Investment Division (BE-50), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230; phone (202) 606-9890 or
e-mail (obie.whichard@bea.gov).
SUPPLEMENTARY INFORMATION: In the August 22, 2005, Federal Register, 70
FR 48920-48923, BEA published a notice of proposed rulemaking setting
forth revised reporting requirements for the BE-11, Annual Survey of
U.S. Direct Investment Abroad. No comments on the proposed rule were
received. Thus, the proposed rule is adopted without change. This final
rule amends 15 CFR 806.14 to set forth the reporting requirements for
the BE-11, Annual Survey of U.S. Direct Investment Abroad.
Description of Changes
The BE-11, Annual Survey of U.S. Direct Investment Abroad, is a
mandatory survey and is conducted annually by BEA under the
International Investment and Trade in Services Survey Act (22 U.S.C.
3101-3108), hereinafter, the Act. BEA will send the survey to potential
respondents in March of each year; responses will be due by May 31.
This final rule: (1) Increases the exemption level for reporting on
the BE-11B(SF) form and BE-11C form from $30 million to $40 million;
(2) increases the exemption level for reporting on the BE-11B(LF) form
from $100 million to $150 million; and (3) increases the exemption
level for reporting only selected items on Form BE-11A from $100
million to $150 million. In addition to certain identification items,
U.S. Reporters with total assets, sales or gross operating revenues,
and net income (loss) less than or equal to $150 million report only
selected items on the BE-11A report. In conjunction with the increase
in the exemption level for reporting on Forms BE-11B(SF) and BE-11C, a
schedule on Form BE-11A is introduced for reporting a few data items
for affiliates with assets, sales, and net income between $10 million
and $40 million that were established or acquired during the year. The
foreign affiliate exemption level is the level of a foreign affiliate's
assets, sales, or net income below which a Form BE-11B(LF), BE-11B(SF),
or BE-11C is not required.
In addition to the changes in reporting criteria mentioned above,
BEA is introducing a statistical sampling procedure that utilizes a new
BE-11B(EZ) form. This form provides a few basic indicators for non-
sample foreign affiliates that can be used as a basis for estimating
data that otherwise would have to be reported on the lengthier BE-
11B(LF) and BE-11B(SF) forms.
BEA is introducing a few changes to the report forms themselves.
BEA is adding questions to the BE-11A form, BE-11B(LF) form, and BE-
11B(SF) form to bring the annual survey into conformity with the BE-10
benchmark survey. BEA is collecting detail on: (1) The broad
occupational structure of employment, (2) premiums earned and claims
paid by U.S. Reporters and foreign affiliates operating in the
insurance industry, and (3) goods purchased for resale for U.S.
Reporters and foreign affiliates operating in the wholesale and retail
trade industries. In addition, BEA is expanding the ownership section
on the BE-11B(LF) and (SF) forms to include components that are
collected on the benchmark survey and to add a retained earnings
reconciliation section on the BE-11B(LF) form similar to that on the
benchmark survey.
Survey Background
The Bureau of Economic Analysis (BEA), U.S. Department of Commerce,
will conduct the survey under the International Investment and Trade in
Services Survey Act (22 U.S.C. 3101-3108), hereinafter, the Act.
Section 4(a) of the Act requires that with respect to United States
direct investment abroad, the President shall, to the extent he deems
necessary and feasible, conduct a regular data collection program to
secure current information on international financial flows and other
information related to international investment and trade in services,
including (but not limited to) such information as may be necessary for
computing and analyzing the United States balance of payments, the
employment and taxes of United States parents and affiliates, and the
international investment and trade in services position of the United
States.
In Section 3 of Executive Order 11961, the President delegated
authority granted under the Act as concerns direct investment to the
Secretary of Commerce, who has redelegated it to BEA. The annual survey
of U.S. direct investment abroad is a sample survey that provides a
variety of measures of the overall operations of U.S. parent
[[Page 71239]]
companies and their foreign affiliates, including total assets, sales,
net income, employment and employee compensation, research and
development expenditures, and exports and imports of goods. The sample
data are used to derive universe estimates in nonbenchmark years from
similar data reported in the BE-10, Benchmark Survey of U.S. Direct
Investment Abroad, which is taken every five years. The data are needed
to measure the size and economic significance of direct investment
abroad, measure changes in such investment, and assess its impact on
the U.S. and foreign economies. The data are disaggregated by country
and industry of the foreign affiliate and by industry of the U.S.
parent.
Executive Order 12866
This final rule has been determined not to be significant for
purposes of E.O. 12866.
Executive Order 13132
This final rule does not contain policies with Federalism
implications sufficient to warrant preparation of a Federalism
assessment under E.O. 13132.
Paperwork Reduction Act
The collection-of-information required in this final rule has been
approved by the Office of Management and Budget (OMB) under 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 a penalty
for failure to comply with, a collection-of-information subject to the
requirements of the Paperwork Reduction Act unless that collection
displays a currently valid OMB control number. The OMB control number
for the BE-11 is 0608-0053; the collection will display the number.
The survey is expected to result in the filing of reports from
approximately 1,500 respondents. The respondent burden for this
collection of information will vary from one company to another, but is
estimated to average 78.4 hours per response, including time for
reviewing instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and reviewing the
collection of information. Thus the total respondent burden of the
survey is estimated at 117,600 hours (1,500 respondents times 78.4
hours average burden).
Comments regarding the burden estimate or any other aspect of this
collection of information should be addressed to: Director, Bureau of
Economic Analysis (BE-1), U.S. Department of Commerce, Washington, DC
20230 (Fax: 202-606-5311); and Office of Management andBudget,
O.I.R.A., Paperwork Reduction Project 0608-0053, Attention PRA Desk
Officer for BEA, via the Internet at pbugg@omb.eop.gov, or by Fax at
202-395-7245.
Regulatory Flexibility Act
The Chief Counsel for Regulation, Department of Commerce, has
certified to the Chief Counsel for Advocacy, Small Business
Administration, under the provisions of the Regulatory Flexibility Act
(5 U.S.C. 605(b)), that this rule will not have a significant economic
impact on a substantial number of small entities. The factual basis for
the certification was published in the proposed rule and is not
repeated here. No comments were received regarding the economic impact
of the rule. As a result, no final regulatory flexibility analysis was
prepared.
List of Subjects in 15 CFR Part 806
U.S. investment abroad, Multinational corporations, Economic
statistics, Penalties, Reporting and recordkeeping requirements.
Dated: November 14, 2005.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
0
For the reasons set forth in the preamble, BEA is amending 15 CFR Part
806 as follows:
PART 806--DIRECT INVESTMENT SURVEYS
0
1. The authority citation for 15 CFR Part 806 continues to read as
follows:
Authority: 5 U.S.C. 301; 22 U.S.C. 3101-3108; E.O. 11961 (3 CFR,
1977 Comp., p. 86), as amended by E.O. 12318 (3 CFR, 1981 Comp., p.
173); E.O. 12518 (3 CFR, 1985 Comp., p. 348).
0
2. Section 806.14(f)(3) is revised to read as follows:
Sec. 806.14 U.S. direct investment abroad.
* * * * *
(f) * * *
(3) BE-11--Annual survey of U.S. Direct Investment Abroad: A
report, consisting of Form BE-11A and Form(s) BE-11B(LF) (Long Form),
BE-11B(SF) (Short Form), BE-11B(EZ), and/or BE-11C, is required of each
nonbank U.S. Reporter that, at the end of the Reporter's fiscal year,
had a nonbank foreign affiliate reportable on Form BE-11B(LF), (SF),
(EZ), or BE-11C. Forms required and the criteria for reporting on each
are as follows:
(i) Form BE-11A (Report for U.S. Reporter) must be filed by each
nonbank U.S. person having a foreign affiliate reportable on Form BE-
11B(LF), (SF), (EZ), or BE-11C. If the U.S. Reporter is a corporation,
Form BE-11A is required to cover the fully consolidated U.S. domestic
business enterprise. However, where a U.S. Reporter's primary line of
business is not in banking (or related financial activities), but the
Reporter also has ownership in a bank, banking activities should be
included on the BE-11A using the equity method of accounting.
(A) If for a nonbank U.S. Reporter any one of the following three
items total assets, sales or gross operating revenues excluding sales
taxes, or net income after provision for U.S. income taxes was greater
than $150 million (positive or negative) at the end of, or for, the
Reporter's fiscal year, the U.S. Reporter must file a complete Form BE-
11A. It must also file a Form BE-11B(LF), (SF), (EZ), or BE-11C as
applicable, for each nonexempt foreign affiliate.
(B) If for a nonbank U.S. Reporter no one of the three items listed
in paragraph (f)(3)(i)(A) of this section was greater than $150 million
(positive or negative) at the end of, or for, the Reporters fiscal
year, the U.S. Reporter is required to file on Form BE-11A only items 1
through 27 and Part IV. It must also file a Form BE-11B(LF), (SF),
(EZ), or BE-11C as applicable, for each nonexempt foreign affiliate.
(ii) Forms BE-11B(LF), (SF), and (EZ) (Report for Majority-owned
Foreign Affiliate).
(A) A BE-11B(LF) (Long Form) is required to be filed for each
majority-owned nonbank foreign affiliate of a nonbank U.S. Reporter for
which any one of the three items total assets, sales or gross operating
revenues excluding sales taxes, or net income after provision for
foreign income taxes was greater than $150 million (positive or
negative) at the end of, or for, the affiliate's fiscal year, unless
the nonbank foreign affiliate is selected to be reported on Form BE-
11B(EZ).
(B) BE-11B(SF) (Short Form) is required to be filed for each
majority-owned nonbank foreign affiliate of a nonbank U.S. Reporter for
which any one of the three items listed in paragraph (f)(3)(ii)(A) of
this section was greater than $40 million (positive or negative), but
for which no one of these items was greater than $150 million (positive
or negative), at the end of, or for, the affiliate's fiscal year,
unless the nonbank foreign affiliate is selected to be reported on Form
BE-11B(EZ).
(C) A BE-11B(EZ) is required be filed for each nonbank foreign
affiliate that is selected to be reported on this form in
[[Page 71240]]
lieu of Form BE-11B(LF) or Form BE-11B(SF).
(iii) Form BE-11C (Report for Minority-owned Foreign Affiliate)
must be filed for each minority-owned nonbank foreign affiliate that is
owned at least 20 percent, but not more than 50 percent, directly and/
or indirectly, by all U.S. Reporters of the affiliate combined, and for
which any one of the three items listed in paragraph (f)(3)(ii)(A) of
this section was greater than $40 million (positive or negative) at the
end of, or for, the affiliate's fiscal year. In addition, for the
report covering fiscal year 2007 only, a Form BE-11C must be filed for
each minority-owned nonbank foreign affiliate that is owned, directly
or indirectly, at least 10 percent by one U.S. Reporter, but less than
20 percent by all U.S. Reporters of the affiliate combined, and for
which any one of the three items listed in paragraph (f)(3)(ii)(A) of
this section was greater than $100 million (positive or negative) at
the end of, or for, the affiliate's fiscal year.
(iv) Based on the preceding, an affiliate is exempt from being
reported if it meets any one of the following criteria:
(A) None of the three items listed in paragraph (f)(3)(ii)(A) of
this section exceeds $40 million (positive or negative). (However,
affiliates that were established or acquired during the year and for
which at least one of these items was greater than $10 million but not
over $40 million must be listed, and key data items reported, on a
supplement schedule on Form BE-11A.)
(B) For fiscal year 2007 only, it is less than 20 percent owned,
directly or indirectly, by all U.S. Reporters of the affiliate combined
and none of the three items listed in paragraph (f)(3)(ii)(A) of this
section exceeds $100 million (positive or negative).
(C) For fiscal years other than 2007, it is less than 20 percent
owned, directly or indirectly, by all U.S. Reporters of the affiliate
combined.
(D) Its U.S. parent (U.S. Reporter) is a bank.
(E) It is itself a bank.
(v) Notwithstanding paragraph (f)(3)(iv) of this section, a Form
BE-11B(LF), (SF), (EZ) or BE-11C must be filed for a foreign affiliate
of the U.S. Reporter that owns another non-exempt foreign affiliate of
that U.S. Reporter, even if the foreign affiliate parent is otherwise
exempt. That is, all affiliates upward in the chain of ownership must
be reported.
* * * * *
[FR Doc. 05-23316 Filed 11-25-05; 8:45 am]
BILLING CODE 3510-06-P
