Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad, 52316-52319 [E7-18036]

Download as PDF 52316 Federal Register / Vol. 72, No. 177 / Thursday, September 13, 2007 / Proposed Rules Unsafe Condition (d) This AD results from reports of cracks found at the cutout in the web of body station frame 303.9 inboard of stringer 16L. We are issuing this AD to detect and correct such cracking, which could prevent the left forward entry door from sealing correctly, and could cause in-flight decompression of the airplane. Compliance (e) You are responsible for having the actions required by this AD performed within the compliance times specified, unless the actions have already been done. ebenthall on PRODPC61 with PROPOSALS Repetitive Inspections: Service Bulletin 737– 53A1188 (f) For airplanes identified in Boeing Alert Service Bulletin 737–53A1188, Revision 2, dated May 9, 2007, including airplanes modified by the repair/preventive change specified in the original version, dated April 9, 1998, or Revision 1, dated March 18, 1999, of the service bulletin: Do detailed and high frequency eddy current (HFEC) inspections in the web and doubler around the slotted holes in the frame web at stringers 15L and 16L, in accordance with the Accomplishment Instructions of the service bulletin. Do the inspections at the applicable time specified in paragraph 1.E. of the service bulletin, except as provided by paragraph (h) of this AD. Do all applicable corrective actions before further flight in accordance with the service bulletin, except as provided by paragraph (i) of this AD. Repeat the inspections at intervals not to exceed 4,500 flight cycles until accomplishment of the repair/preventive change in accordance with the service bulletin, which terminates the repetitive inspection requirements. A repair/ preventive change done in accordance with the original version or Revision 1 of the service bulletin does not terminate the repetitive inspections, but the repetitive inspections may be terminated after the existing kit is replaced with a new kit in accordance with Revision 2 of the service bulletin, paragraph 3.B., Part II, step 3, or Part III, step 3. Repetitive Inspections: Service Bulletin 737– 53A1197 (g) For airplanes identified in Boeing Alert Service Bulletin 737–53A1197, dated August 25, 2006: Do an ultrasound inspection of the slot-shaped cutout in the web for the door stop strap at stringer 16L, an HFEC inspection of the web along the upper and lower edges of the doubler around the doorstop strap at stringer 16L, and a detailed inspection of the web around the doubler for the cutout at stringer 16L, in accordance with the Accomplishment Instructions of the service bulletin. Do the inspections at the applicable time specified in paragraph 1.E. of the service bulletin, except as provided by paragraph (h) of this AD. Do all applicable corrective actions before further flight in accordance with the service bulletin, except as provided by paragraph (i) of this AD. Repeat the inspections at intervals not to exceed 4,500 flight cycles, until accomplishment of the repair/preventive change in accordance with the service VerDate Aug<31>2005 15:17 Sep 12, 2007 Jkt 211001 bulletin, which terminates the repetitive inspections. Exceptions to Service Bulletin Specifications (h) Where Boeing Alert Service Bulletin 737–53A1188, Revision 2, dated May 9, 2007; and Boeing Alert Service Bulletin 737– 53A1197, dated August 25, 2006, specify a compliance time after release of the service bulletin, this AD requires compliance within the specified time after the effective date of this AD. (i) Where Boeing Alert Service Bulletin 737–53A1188, Revision 2, dated May 9, 2007; and Boeing Alert Service Bulletin 737– 53A1197, dated August 25, 2006, specify to contact Boeing for appropriate action, including repair of damage outside the scope of the service bulletin, repair using a method approved in accordance with the procedures specified in paragraph (j) of this AD. Alternative Methods of Compliance (AMOCs) (j)(1) The Manager, Seattle Aircraft Certification Office (ACO), FAA, has the authority to approve AMOCs for this AD, if requested in accordance with the procedures found in 14 CFR 39.19. (2) To request a different method of compliance or a different compliance time for this AD, follow the procedures in 14 CFR 39.19. Before using any approved AMOC on any airplane to which the AMOC applies, notify your appropriate principal inspector (PI) in the FAA Flight Standards District Office (FSDO), or lacking a PI, your local FSDO. (3) An AMOC that provides an acceptable level of safety may be used for any repair required by this AD, if it is approved by an Authorized Representative for the Boeing Commercial Airplanes Delegation Option Authorization Organization who has been authorized by the Manager, Seattle ACO, to make those findings. For a repair method to be approved, the repair must meet the certification basis of the airplane, and the approval must specifically refer to this AD. Issued in Renton, Washington, on August 31, 2007. Stephen P. Boyd, Acting Manager, Transport Airplane Directorate, Aircraft Certification Service. [FR Doc. E7–18049 Filed 9–12–07; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF COMMERCE Bureau of Economic Analysis 15 CFR Part 806 [Docket No. 07 0301041–7043–02] RIN 0691–AA63 Direct Investment Surveys: BE–11, Annual Survey of U.S. Direct Investment Abroad Bureau of Economic Analysis, Commerce. ACTION: Notice of proposed rulemaking. AGENCY: PO 00000 Frm 00016 Fmt 4702 Sfmt 4702 SUMMARY: This proposed rule would amend regulations concerning the reporting requirements 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 U.S. parent companies and their foreign affiliates. Currently, banks are excluded from coverage. BEA proposes to expand the reporting requirements on the BE–11 annual survey so that U.S. parent companies that are banks, foreign affiliates of bank parents, and bank foreign affiliates of nonbank parents will be reportable. A few minor changes will be required to the instructions on Form BE–11A, Report for U.S. Reporter, so it can be used to collect bank as well as nonbank data. BEA is now implementing a new, specialized Form BE–11B for foreign affiliates of bank parents and bank foreign affiliates of nonbank parents. DATES: Comments on this proposed rule will receive consideration if submitted in writing on or before 5 p.m. November 13, 2007. ADDRESSES: You may submit comments, identified by RIN 0691–AA63, and referencing the agency name (Bureau of Economic Analysis), by any of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. For agency, select ‘‘Commerce Department—all.’’ • E-mail: David.Galler@bea.gov. • Fax: Office of the Chief, Direct Investment Division, (202) 606–5318. • Mail: Office of the Chief, Direct Investment Division, U.S. Department of Commerce, Bureau of Economic Analysis, BE–50, Washington, DC 20230. • Hand Delivery/Courier: Office of the Chief, Direct Investment Division, U.S. Department of Commerce, Bureau of Economic Analysis, BE–50, Shipping and Receiving, Section M100, 1441 L Street, NW., Washington, DC 20005. Public Inspection: Comments may be inspected at BEA’s offices, 1441 L Street, NW., Room 7005, between 8:30 a.m. and 5 p.m., Eastern Time Monday through Friday. FOR FURTHER INFORMATION CONTACT: David H. Galler, Chief, Direct Investment Division (BE–50), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; phone (202) 606–9835. SUPPLEMENTARY INFORMATION: This proposed rule would amend 15 CFR Part 806.14 to set forth the reporting requirements for the BE–11, Annual E:\FR\FM\13SEP1.SGM 13SEP1 Federal Register / Vol. 72, No. 177 / Thursday, September 13, 2007 / Proposed Rules ebenthall on PRODPC61 with PROPOSALS Survey of U.S. Direct Investment Abroad. The Department of Commerce, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Description of Changes The BE–11 survey 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. BEA proposes to collect data on bank and nonbank U.S. parent companies and their bank and nonbank foreign affiliates on the BE–11 annual survey. Currently, collection of data on the BE–11 annual survey is limited to that of nonbank U.S. parent companies and their nonbank foreign affiliates. Data for bank U.S. parent companies and their bank and nonbank foreign affiliates and data for bank affiliates of nonbank U.S. parent companies have been collected only once every five years on BEA’s BE–10, Benchmark Survey of U.S. Direct Investment Abroad. To collect data for a U.S. Reporter that is a bank, BEA is proposing to use the BE–11A, Report for U.S. Reporter, that is used for nonbank U.S. parents. BEA is proposing that a new, specialized form, Form BE–11B(FN), be provided for foreign affiliates of bank U.S. parents and bank affiliates of nonbank U.S. parents. The items proposed to be collected on this form would include most of those collected on the form used for bank affiliates on the BE–10 benchmark survey and a few additional items, including sales of services by destination and employment by broad occupational structure, that would make the data more useful for studies of offshoring and more comparable with the data collected for nonbank affiliates of nonbank parents. Because affiliates of bank parents and bank affiliates of nonbank parents tend to be quite large, BEA is proposing to set the exemption level for reporting on the proposed Form BE–11B(FN) at $250 million. (In comparison, the exemption level for other foreign affiliates would be $40 million.) Foreign affiliates of bank U.S. parents and bank affiliates of nonbank U.S. parents with total assets, sales or gross operating revenues, and net income of $250 million or less (positive or negative) would not be required to be reported on the annual survey. Instructions on the forms and in the VerDate Aug<31>2005 15:17 Sep 12, 2007 Jkt 211001 52317 instruction booklet will be modified to include banks. Federalism assessment under E.O. 13132. Survey Background The Bureau of Economic Analysis (BEA), U.S. Department of Commerce, conducts the BE–11 survey under the authority of 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, as amended by Executive Orders 12318 and 12518, the President delegated the responsibility for performing functions under the Act concerning 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 collects information on a variety of measures of the overall operations of U.S. parent 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. Paperwork Reduction Act This proposed rule contains a collection-of-information requirement subject to review and approval by the Office of Management and Budget (OMB) under the Paperwork Reduction Act (PRA). The requirement has been submitted to the OMB for approval as a revision to a collection currently approved under OMB control number 0608–0053. BEA proposes to expand the reporting requirements on the BE–11 annual survey so that U.S. parent companies that are banks and their foreign affiliates and bank foreign affiliates of nonbank U.S. parent companies will now be reportable. Minor changes will be required to the instructions on Form BE–11A, Report for U.S. Reporter, so it can be used to collect bank as well as nonbank data. A new, sepialized form, Form BE– 11B(FN), will be provided for foreign affiliates of bank parents and bank affiliates of nonbank parents. 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 BE–11 survey, as proposed, is expected to result in the filing of reports from approximately 1,550 respondents. The respondent burden for this collection of information will vary from one company to another, but is estimated to average 79.3 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 122,900 hours (1,550 respondents times 79.3 hours average burden). This estimate is slightly above the burden of 117,600 hours currently requested for this survey in the OMB inventory. The increase in the burden is due to proposed changes in reporting requirements. Comments are requested concerning: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the burden estimate; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of Executive Order 12866 This proposed rule has been determined to be not significant for purposes of E.O. 12866. Executive Order 13132 This proposed rule does not contain policies with Federalism implications sufficient to warrant preparation of a PO 00000 Frm 00017 Fmt 4702 Sfmt 4702 E:\FR\FM\13SEP1.SGM 13SEP1 52318 Federal Register / Vol. 72, No. 177 / Thursday, September 13, 2007 / Proposed Rules the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology. Comments should be addressed to: Director, Bureau of Economic Analysis (BE–1), U.S. Department of Commerce, Washington, DC 20230; FAX: 202–606– 5311; and to the Office of Management and Budget, O.I.R.A., Paperwork Reduction Project 0608–0053, Attention PRA Desk Officer for BEA, via e-mail at pbugg@omb.eop.gov, or by Fax at 202– 395–7245. ebenthall on PRODPC61 with PROPOSALS 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 proposed rulemaking, if adopted, will not have a significant economic impact on a substantial number of small entities. Few small U.S. businesses are subject to the reporting requirements of this survey. U.S. companies that have direct investments abroad tend to be quite large, thereby excluding them from the definition of small entity. The proposed changes to the BE–11 annual survey would not increase the burden on small businesses. The exemption level for the BE–11 survey is set in terms of the size of a U.S. company’s foreign affiliates (foreign companies owned 10 percent or more by the U.S. company); if a foreign affiliate has total assets, sales, or net income (loss) greater than the exemption level, it must be reported on Form BE–11B(LF), BE– 11B(SF), BE–11B(FN), BE–11B(EZ), or BE–11C. The exemption level for the BE–11 survey for nonbank affiliates of nonbank U.S. Reporters is unchanged at $40 million. Because affiliates of bank parents and bank affiliates of nonbank parents tend to be quite large and to keep respondent burden as low as possible, the proposed exemption level for reporting on the proposed Form BE– 11B(FN) is $250 million. Affiliates of bank parents and bank affiliates of nonbank parents with total assets, sales or gross operating revenues, and net income (loss) of $250 million or less would not be required to be reported on the annual survey. To further ease the reporting burden on smaller businesses, U.S. Reporters with total assets, sales or gross operating revenues, and net income (loss) less than or equal to $150 million are required to report only selected items on the BE–11A form for U.S. Reporters in addition to forms they may be required to file for their foreign affiliates. VerDate Aug<31>2005 15:17 Sep 12, 2007 Jkt 211001 Because few small businesses are impacted by this rule, and because those small businesses that are impacted are subject to only minimal recordkeeping burdens, the Chief Counsel for Regulation certifies that this proposed rule will not have a significant economic impact on a substantial number of small entities. List of Subjects in 15 CFR Part 806 U.S. investment abroad, Multinational corporations, Economic statistics, Penalties, Reporting and recordkeeping requirements. Dated: August 2, 2007. Rosemary D. Marcuss, Acting Director, Bureau of Economic Analysis. For the reasons set forth in the preamble, BEA proposes to amend 15 CFR part 806 as follows: PART 806—DIRECT INVESTMENT SURVEYS 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) and E.O. 12518 (3 CFR, 1985 Comp., p. 348). 2. Section 806.14(f)(3) is revised to read as follows: § 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(FN), BE–11B(EZ), and/or BE–11C, is required of each U.S. Reporter that, at the end of the Reporter’s fiscal year, had a foreign affiliate reportable on Form BE–11B(LF), (SF), (FN), (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 U.S. person having a foreign affiliate reportable on Form BE–11B(LF), (SF), (FN), (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, the bank, including all of its domestic subsidiaries or units, must file on a separate Form BE–11A. The nonbanking U.S. operations not owned by the bank must also file on a Form BE–11A. PO 00000 Frm 00018 Fmt 4702 Sfmt 4702 (A) If for a 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), (FN), (EZ), or BE–11C as applicable, for each nonexempt foreign affiliate. (B) If for a 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 Reporter’s fiscal year, the U.S. Reporter is required to file on Form BE–11A only items 1 through 31 and Part IV. It must also file a Form BE–11B(LF), (SF), (FN), (EZ), or BE–11C as applicable, for each nonexempt foreign affiliate. (ii) Forms BE–11B(LF), (SF), and (EZ) (Report for Majority-owned Nonbank Foreign Affiliate of Nonbank U.S. Reporter). (A) A BE–11B(LF)(Long Form) must 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) A BE–11B(SF)(Short Form) must 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) must be filed for each nonbank foreign affiliate of a nonbank U.S. Reporter that is selected to be reported on this form in lieu of Form BE–11B(LF) or Form BE–11B(SF). (iii) Form BE–11B(FN) (Report for Foreign Affiliate of Bank U.S. Reporter and Bank Affiliate of Nonbank U.S. Reporter) must be filed for (1) each foreign affiliate (bank and nonbank) of a bank U.S. Reporter for which any one of the three items listed in paragraph (f)(3)(ii)(A) of this section was greater than $250 million (positive or negative) at the end of, or for, the affiliate’s fiscal year and (2) each bank foreign affiliate E:\FR\FM\13SEP1.SGM 13SEP1 ebenthall on PRODPC61 with PROPOSALS Federal Register / Vol. 72, No. 177 / Thursday, September 13, 2007 / Proposed Rules 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 $250 million (positive or negative) at the end of, or for, the affiliate’s fiscal year. (iv) Form BE–11C (Report for Minority-owned Nonbank Foreign Affiliate of Nonbank U.S. Reporter) must be filed for each minority-owned nonbank foreign affiliate of a nonbank U.S. Reporter 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 nonbank U.S. Reporter, but less than 20 percent by all nonbank 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. (v) Based on the preceding, an affiliate is exempt from being reported if it meets any one of the following criteria: (A) For nonbank affiliates of nonbank U.S. Reporters, 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 affiliates of bank U.S. Reporters and bank affiliates of nonbank U.S. Reporters, none of the three items listed in paragraph (f)(3)(ii)(A) of this section exceeds $250 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 $250 million must be listed, and key data items reported, on a supplement schedule on Form BE–11A. (C) For nonbank foreign affiliates of nonbank U.S. Reporters, 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). VerDate Aug<31>2005 15:17 Sep 12, 2007 Jkt 211001 (D) 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. (vi) Notwithstanding paragraph (f)(3)(v) of this section, a Form BE– 11B(LF), (SF), (FN), (EZ) or BE–11C must be filed for a foreign affiliate of the U.S. Reporter that owns another nonexempt 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. E7–18036 Filed 9–12–07; 8:45 am] BILLING CODE 3510–06–P 52319 hearing to submit a request to speak and an outline of the topics to be addressed by August 28, 2007. As of September 6, 2007, no one has requested to speak and therefore, the public hearing scheduled for September 28, 2007, is cancelled. La Nita VanDyke, Branch Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E7–18037 Filed 9–12–07; 8:45 am] BILLING CODE 4830–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 DEPARTMENT OF THE TREASURY [EPA–R04–OAR–2006–0650–200705(b); FRL–8464–1] Internal Revenue Service Approval and Promulgation of Implementation Plans Kentucky: Volatile Organic Compound Definition Updates 26 CFR Part 1 [REG–143797–06] RIN 1545–BF97 Internal Revenue Service (IRS), Treasury. ACTION: Cancellation of notice of public hearing on proposed rulemaking. AGENCY: SUMMARY: This document cancels a public hearing on proposed regulations providing guidance on employer comparable contributions to Health Savings Accounts (HSAs). DATES: The public hearing, originally scheduled for September 28, 2007 at 10 a.m. is cancelled. FOR FURTHER INFORMATION CONTACT: Kelly Banks of the Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration) at (202) 622–0392 (not a toll-free number). SUPPLEMENTARY INFORMATION: A notice of proposed rulemaking and notice of public hearing that appeared in the Federal Register on Friday, June 1, 2007 (72 FR 30501), announced that a public hearing was scheduled for September 28, 2007, at 10 a.m. in the IRS Auditorium, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC. The subject of the public hearing is under section 4980G of the Internal Revenue Code. The public comment period for these regulations expired on August 30, 2007. The notice of proposed rulemaking and notice of public hearing instructed those interested in testifying at the public PO 00000 Frm 00019 Fmt 4702 Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: Employer Comparable Contributions to Health Savings Accounts Under Section 4980G; Hearing Cancellation Sfmt 4702 SUMMARY: EPA is proposing to approve a revision to the Kentucky State Implementation Plan (SIP) submitted by the Kentucky Environmental and Public Protection Cabinet on December 14, 2006. The revision includes changes to the definitions section of Kentucky’s Air Quality Regulations regarding the definition of ‘‘volatile organic compounds,’’ which was updated to be consistent with the federal definition. In the Final Rules Section of this Federal Register, the EPA is approving Kentucky’s SIP revision as a direct final rule without prior proposal because the Agency views this as a noncontroversial submittal and anticipates no adverse comments. A detailed rationale for the approval is set forth in the direct final rule. If adverse comments are received in response to this rule, no further activity is contemplated. If EPA receives adverse comments, the direct final rule will be withdrawn and all public comments received will be addressed in a subsequent final rule based on this proposed rule. The EPA will not institute a second comment period on this document. Any parties interested in commenting on this document should do so at this time. DATES: Written comments must be received on or before October 15, 2007. ADDRESSES: Submit your comments, identified by Docket ID No. ‘‘EPA–R04– OAR–2006–0650,’’ by one of the following methods: E:\FR\FM\13SEP1.SGM 13SEP1

Agencies

[Federal Register Volume 72, Number 177 (Thursday, September 13, 2007)]
[Proposed Rules]
[Pages 52316-52319]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18036]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis

15 CFR Part 806

[Docket No. 07 0301041-7043-02]
RIN 0691-AA63


Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct 
Investment Abroad

AGENCY: Bureau of Economic Analysis, Commerce.

ACTION: Notice of proposed rulemaking.

-----------------------------------------------------------------------

SUMMARY: This proposed rule would amend regulations concerning the 
reporting requirements 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 U.S. parent companies and their foreign 
affiliates. Currently, banks are excluded from coverage. BEA proposes 
to expand the reporting requirements on the BE-11 annual survey so that 
U.S. parent companies that are banks, foreign affiliates of bank 
parents, and bank foreign affiliates of nonbank parents will be 
reportable. A few minor changes will be required to the instructions on 
Form BE-11A, Report for U.S. Reporter, so it can be used to collect 
bank as well as nonbank data. BEA is now implementing a new, 
specialized Form BE-11B for foreign affiliates of bank parents and bank 
foreign affiliates of nonbank parents.

DATES: Comments on this proposed rule will receive consideration if 
submitted in writing on or before 5 p.m. November 13, 2007.

ADDRESSES: You may submit comments, identified by RIN 0691-AA63, and 
referencing the agency name (Bureau of Economic Analysis), by any of 
the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. For agency, select 
``Commerce Department--all.''
     E-mail: David.Galler@bea.gov.
     Fax: Office of the Chief, Direct Investment Division, 
(202) 606-5318.
     Mail: Office of the Chief, Direct Investment Division, 
U.S. Department of Commerce, Bureau of Economic Analysis, BE-50, 
Washington, DC 20230.
     Hand Delivery/Courier: Office of the Chief, Direct 
Investment Division, U.S. Department of Commerce, Bureau of Economic 
Analysis, BE-50, Shipping and Receiving, Section M100, 1441 L Street, 
NW., Washington, DC 20005.
    Public Inspection: Comments may be inspected at BEA's offices, 1441 
L Street, NW., Room 7005, between 8:30 a.m. and 5 p.m., Eastern Time 
Monday through Friday.

FOR FURTHER INFORMATION CONTACT: David H. Galler, Chief, Direct 
Investment Division (BE-50), Bureau of Economic Analysis, U.S. 
Department of Commerce, Washington, DC 20230; phone (202) 606-9835.

SUPPLEMENTARY INFORMATION: This proposed rule would amend 15 CFR Part 
806.14 to set forth the reporting requirements for the BE-11, Annual

[[Page 52317]]

Survey of U.S. Direct Investment Abroad. The Department of Commerce, as 
part of its continuing effort to reduce paperwork and respondent 
burden, invites the general public and other Federal agencies to 
comment on proposed and/or continuing information collections, as 
required by the Paperwork Reduction Act of 1995.

Description of Changes

    The BE-11 survey 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.
    BEA proposes to collect data on bank and nonbank U.S. parent 
companies and their bank and nonbank foreign affiliates on the BE-11 
annual survey. Currently, collection of data on the BE-11 annual survey 
is limited to that of nonbank U.S. parent companies and their nonbank 
foreign affiliates. Data for bank U.S. parent companies and their bank 
and nonbank foreign affiliates and data for bank affiliates of nonbank 
U.S. parent companies have been collected only once every five years on 
BEA's BE-10, Benchmark Survey of U.S. Direct Investment Abroad.
    To collect data for a U.S. Reporter that is a bank, BEA is 
proposing to use the BE-11A, Report for U.S. Reporter, that is used for 
nonbank U.S. parents. BEA is proposing that a new, specialized form, 
Form BE-11B(FN), be provided for foreign affiliates of bank U.S. 
parents and bank affiliates of nonbank U.S. parents. The items proposed 
to be collected on this form would include most of those collected on 
the form used for bank affiliates on the BE-10 benchmark survey and a 
few additional items, including sales of services by destination and 
employment by broad occupational structure, that would make the data 
more useful for studies of offshoring and more comparable with the data 
collected for nonbank affiliates of nonbank parents. Because affiliates 
of bank parents and bank affiliates of nonbank parents tend to be quite 
large, BEA is proposing to set the exemption level for reporting on the 
proposed Form BE-11B(FN) at $250 million. (In comparison, the exemption 
level for other foreign affiliates would be $40 million.) Foreign 
affiliates of bank U.S. parents and bank affiliates of nonbank U.S. 
parents with total assets, sales or gross operating revenues, and net 
income of $250 million or less (positive or negative) would not be 
required to be reported on the annual survey. Instructions on the forms 
and in the instruction booklet will be modified to include banks.

Survey Background

    The Bureau of Economic Analysis (BEA), U.S. Department of Commerce, 
conducts the BE-11 survey under the authority of 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, as amended by Executive 
Orders 12318 and 12518, the President delegated the responsibility for 
performing functions under the Act concerning 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 collects 
information on a variety of measures of the overall operations of U.S. 
parent 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 proposed rule has been determined to be not significant for 
purposes of E.O. 12866.

Executive Order 13132

    This proposed rule does not contain policies with Federalism 
implications sufficient to warrant preparation of a Federalism 
assessment under E.O. 13132.

Paperwork Reduction Act

    This proposed rule contains a collection-of-information requirement 
subject to review and approval by the Office of Management and Budget 
(OMB) under the Paperwork Reduction Act (PRA). The requirement has been 
submitted to the OMB for approval as a revision to a collection 
currently approved under OMB control number 0608-0053. BEA proposes to 
expand the reporting requirements on the BE-11 annual survey so that 
U.S. parent companies that are banks and their foreign affiliates and 
bank foreign affiliates of nonbank U.S. parent companies will now be 
reportable. Minor changes will be required to the instructions on Form 
BE-11A, Report for U.S. Reporter, so it can be used to collect bank as 
well as nonbank data. A new, sepialized form, Form BE-11B(FN), will be 
provided for foreign affiliates of bank parents and bank affiliates of 
nonbank parents.
    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 BE-11 survey, as proposed, is expected to result in the filing 
of reports from approximately 1,550 respondents. The respondent burden 
for this collection of information will vary from one company to 
another, but is estimated to average 79.3 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 122,900 hours (1,550 respondents times 79.3 
hours average burden). This estimate is slightly above the burden of 
117,600 hours currently requested for this survey in the OMB inventory. 
The increase in the burden is due to proposed changes in reporting 
requirements.
    Comments are requested concerning: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the burden estimate; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (d) ways to minimize the burden of

[[Page 52318]]

the collection of information on the respondents, including the use of 
automated collection techniques or other forms of information 
technology. Comments should be addressed to: Director, Bureau of 
Economic Analysis (BE-1), U.S. Department of Commerce, Washington, DC 
20230; FAX: 202-606-5311; and to the Office of Management and Budget, 
O.I.R.A., Paperwork Reduction Project 0608-0053, Attention PRA Desk 
Officer for BEA, via e-mail 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 proposed rulemaking, if adopted, will not 
have a significant economic impact on a substantial number of small 
entities. Few small U.S. businesses are subject to the reporting 
requirements of this survey. U.S. companies that have direct 
investments abroad tend to be quite large, thereby excluding them from 
the definition of small entity. The proposed changes to the BE-11 
annual survey would not increase the burden on small businesses. The 
exemption level for the BE-11 survey is set in terms of the size of a 
U.S. company's foreign affiliates (foreign companies owned 10 percent 
or more by the U.S. company); if a foreign affiliate has total assets, 
sales, or net income (loss) greater than the exemption level, it must 
be reported on Form BE-11B(LF), BE-11B(SF), BE-11B(FN), BE-11B(EZ), or 
BE-11C. The exemption level for the BE-11 survey for nonbank affiliates 
of nonbank U.S. Reporters is unchanged at $40 million. Because 
affiliates of bank parents and bank affiliates of nonbank parents tend 
to be quite large and to keep respondent burden as low as possible, the 
proposed exemption level for reporting on the proposed Form BE-11B(FN) 
is $250 million. Affiliates of bank parents and bank affiliates of 
nonbank parents with total assets, sales or gross operating revenues, 
and net income (loss) of $250 million or less would not be required to 
be reported on the annual survey. To further ease the reporting burden 
on smaller businesses, U.S. Reporters with total assets, sales or gross 
operating revenues, and net income (loss) less than or equal to $150 
million are required to report only selected items on the BE-11A form 
for U.S. Reporters in addition to forms they may be required to file 
for their foreign affiliates.
    Because few small businesses are impacted by this rule, and because 
those small businesses that are impacted are subject to only minimal 
recordkeeping burdens, the Chief Counsel for Regulation certifies that 
this proposed rule will not have a significant economic impact on a 
substantial number of small entities.

List of Subjects in 15 CFR Part 806

    U.S. investment abroad, Multinational corporations, Economic 
statistics, Penalties, Reporting and recordkeeping requirements.

    Dated: August 2, 2007.
Rosemary D. Marcuss,
Acting Director, Bureau of Economic Analysis.

    For the reasons set forth in the preamble, BEA proposes to amend 15 
CFR part 806 as follows:

PART 806--DIRECT INVESTMENT SURVEYS

    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) and E.O. 12518 (3 CFR, 1985 Comp., p. 348).

    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(FN), BE-11B(EZ), and/or BE-11C, is 
required of each U.S. Reporter that, at the end of the Reporter's 
fiscal year, had a foreign affiliate reportable on Form BE-11B(LF), 
(SF), (FN), (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 
U.S. person having a foreign affiliate reportable on Form BE-11B(LF), 
(SF), (FN), (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, the bank, including all of its 
domestic subsidiaries or units, must file on a separate Form BE-11A. 
The nonbanking U.S. operations not owned by the bank must also file on 
a Form BE-11A.
    (A) If for a 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), (FN), (EZ), or BE-11C 
as applicable, for each nonexempt foreign affiliate.
    (B) If for a 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 Reporter's fiscal 
year, the U.S. Reporter is required to file on Form BE-11A only items 1 
through 31 and Part IV. It must also file a Form BE-11B(LF), (SF), 
(FN), (EZ), or BE-11C as applicable, for each nonexempt foreign 
affiliate.
    (ii) Forms BE-11B(LF), (SF), and (EZ) (Report for Majority-owned 
Nonbank Foreign Affiliate of Nonbank U.S. Reporter).
    (A) A BE-11B(LF)(Long Form) must 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) A BE-11B(SF)(Short Form) must 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) must be filed for each nonbank foreign affiliate 
of a nonbank U.S. Reporter that is selected to be reported on this form 
in lieu of Form BE-11B(LF) or Form BE-11B(SF).
    (iii) Form BE-11B(FN) (Report for Foreign Affiliate of Bank U.S. 
Reporter and Bank Affiliate of Nonbank U.S. Reporter) must be filed for 
(1) each foreign affiliate (bank and nonbank) of a bank U.S. Reporter 
for which any one of the three items listed in paragraph (f)(3)(ii)(A) 
of this section was greater than $250 million (positive or negative) at 
the end of, or for, the affiliate's fiscal year and (2) each bank 
foreign affiliate

[[Page 52319]]

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 $250 
million (positive or negative) at the end of, or for, the affiliate's 
fiscal year.
    (iv) Form BE-11C (Report for Minority-owned Nonbank Foreign 
Affiliate of Nonbank U.S. Reporter) must be filed for each minority-
owned nonbank foreign affiliate of a nonbank U.S. Reporter 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 nonbank U.S. Reporter, but 
less than 20 percent by all nonbank 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.
    (v) Based on the preceding, an affiliate is exempt from being 
reported if it meets any one of the following criteria:
    (A) For nonbank affiliates of nonbank U.S. Reporters, 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 affiliates of bank U.S. Reporters and bank affiliates of 
nonbank U.S. Reporters, none of the three items listed in paragraph 
(f)(3)(ii)(A) of this section exceeds $250 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 $250 million must be listed, and key data items 
reported, on a supplement schedule on Form BE-11A.
    (C) For nonbank foreign affiliates of nonbank U.S. Reporters, 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).
    (D) 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.
    (vi) Notwithstanding paragraph (f)(3)(v) of this section, a Form 
BE-11B(LF), (SF), (FN), (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. E7-18036 Filed 9-12-07; 8:45 am]
BILLING CODE 3510-06-P