Direct Investment Surveys: BE-605, Quarterly Survey of Foreign Direct Investment in the United States-Transactions of U.S. Affiliate With Foreign Parent, 65017-65019 [E9-29312]
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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations
(1) If the Board requires that a TALF
advance, discount, or other extension of
credit be against collateral (other than
commercial mortgage-backed securities)
that is rated by one or more credit rating
agencies, the Federal Reserve Bank of
New York may only accept the ratings
of any credit rating agency that:
(i) Is registered with the Securities
and Exchange Commission as a
Nationally Recognized Statistical Rating
Organization for issuers of asset-backed
securities;
(ii) Has a current and publicly
available rating methodology specific to
asset-backed securities in the particular
TALF asset sector (as defined in the
TALF haircut schedule) for which it
wishes its ratings to be accepted; and
(iii) Demonstrates that it has sufficient
experience to provide credit ratings that
would assist in the Federal Reserve
Bank of New York’s risk assessment on
the most senior classes of newly issued
asset-backed securities in the particular
TALF asset sector by having made
public or made available to a paying
subscriber base, since September 30,
2006, ratings on at least ten transactions
denominated in U.S. dollars within the
particular category to which the
particular TALF asset sector is assigned
as set out below—
(A) Category 1—auto, floorplan, and
equipment TALF sectors;
(B) Category 2—credit card and
insurance premium finance TALF
sectors;
(C) Category 3—mortgage servicing
advances TALF sector; and
(D) Category 4—student loans TALF
sector.
(2) For purposes of the requirement in
paragraph (e)(1)(iii) of this section,
ratings on residential mortgage-backed
securities may be included in Category
3 (servicer advances).
(3) The Federal Reserve Bank of New
York may in its discretion review at any
time the eligibility of a credit rating
agency to rate one or more types of
assets being offered as collateral.
(4) Process.
(i) Credit rating agencies that wish to
have their ratings accepted for TALF
transactions should send a written
notice to the Credit, Investment, and
Payment Risk group of the Federal
Reserve Bank of New York including
information on the factors listed in
paragraph (e)(1) of this section with
respect to each TALF asset sector for
which they wish their ratings to be
accepted.
(ii) The Federal Reserve Bank of New
York will notify the submitter within 5
business days of receipt of a submission
whether additional information needs to
be submitted.
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14:53 Dec 08, 2009
Jkt 220001
(iii) Within 5 business days of receipt
of all information necessary to evaluate
a credit rating agency pursuant to the
factors set out in paragraph (e)(1) of this
section, the Federal Reserve Bank of
New York will notify the credit rating
agency regarding its eligibility.
(5) Conditions. The Federal Reserve
Bank of New York may accept credit
ratings under this subsection only from
a credit rating agency that agrees to—
(i) Discuss with the Federal Reserve
its views of the credit risk of any
transaction within the TALF asset sector
that has been submitted to TALF and
upon which the credit rating agency is
being or has been consulted by the
issuer; and
(ii) Provide any information requested
by the Federal Reserve for the purpose
of determining that the credit rating
agency continues to meet the eligibility
requirements under paragraph (e)(1) of
this section.
By order of the Board of Governors of the
Federal Reserve System, December 4, 2009.
Jennifer J. Johnson,
Secretary.
[FR Doc. E9–29296 Filed 12–8–09; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 806
[Docket No. 090130108–91414–02]
RIN 0691–AA70
Direct Investment Surveys: BE–605,
Quarterly Survey of Foreign Direct
Investment in the United States—
Transactions of U.S. Affiliate With
Foreign Parent
AGENCY: Bureau of Economic Analysis,
Commerce.
ACTION: Final rule.
SUMMARY: This final rule amends
regulations of the Bureau of Economic
Analysis (BEA) setting forth reporting
requirements for the BE–605 quarterly
survey of foreign direct investment in
the United States. The survey obtains
quarterly sample data on transactions
and positions between foreign-owned
U.S. business enterprises (U.S. affiliates)
and their ‘‘affiliated foreign groups’’
(i.e., their foreign parents and foreign
affiliates of their foreign parents).
Through this rule, BEA will make a
number of changes to the BE–605
survey. BEA will discontinue the use of
separate forms for banks. Beginning
with the first quarter of 2010, both bank
and nonbank U.S. affiliates will file
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65017
Form BE–605. In conjunction with this
change, BEA will change the title of
Form BE–605. BEA will add and delete
certain items on the survey form and
change the reporting criteria. BEA will
also collect identification information
for affiliates filing Form BE–605 for the
first time, and make changes to the BE–
605 form and instructions to bring them
into conformity with the recently
revised annual and benchmark surveys
of foreign direct investment in the
United States.
DATES: This final rule will be effective
January 8, 2010.
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;
e-mail david.galler@bea.gov or phone
(202) 606–9835.
SUPPLEMENTARY INFORMATION: In the
September 2, 2009, Federal Register, 74
FR 45383–45385, BEA published a
notice of proposed rulemaking that set
forth revised reporting criteria for the
BE–605, Quarterly Survey of Foreign
Direct Investment in the United States—
Transactions of U.S. Affiliate with
Foreign Parent. No comments on the
proposed rule were received. Thus, the
proposed rule is adopted without
change. This final rule amends 15 CFR
806.15 to set forth the reporting
requirements for the BE–605 quarterly
survey of foreign direct investment in
the United States.
The BE–605 survey is a mandatory
quarterly survey of foreign direct
investment conducted by BEA under the
International Investment and Trade in
Services Survey Act (22 U.S.C. 3101–
3108). BEA will send BE–605 survey
forms to potential respondents each
quarter; responses will be due within 30
days after the end of each quarter,
except for the final quarter of the fiscal
year when reports will be due within 45
days of the end of the quarter.
Description of Changes
BEA is making a number of changes
to the BE–605 survey. BEA is
discontinuing the use of separate forms
for banks. Beginning with the first
quarter of 2010, both bank and nonbank
U.S. affiliates will file Form BE–605. In
conjunction with this change, BEA is
changing the title of Form BE–605 to
‘‘Quarterly Survey of Foreign Direct
Investment in the United States—
Transactions of U.S. Affiliate with
Foreign Parent.’’ Changes to language
and instructions are being made to align
Form BE–605 with recent changes to the
annual and benchmark surveys of
foreign direct investment.
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65018
Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations
BEA is adding items to Form BE–605
to collect additional identification
information on U.S. affiliates of foreign
parents filing the survey for the first
time. (BEA previously collected more
extensive identification information on
the U.S. business being established or
acquired, and on the new foreign owner,
through Form BE–13, Initial Report on
a Foreign Person’s Direct or Indirect
Acquisition, Establishment, or Purchase
of the Operating Assets, of a Business
Enterprise, Including Real Estate, which
was recently discontinued.) These
additional items include the date the
business enterprise became a U.S.
affiliate of a foreign parent, and the U.S.
affiliate’s industry. BEA is adding a
question to the survey that asks U.S.
affiliates whether they are planning to
construct, or are in the process of
constructing, a new production
establishment.
BEA is discontinuing the collection of
information on permanent
intercompany debt funding, and interest
receipts and payments associated with
that funding, between U.S. affiliates that
are banks and their foreign parents. This
debt funding information is collected by
the Treasury International Capital
System, and recent changes in
international statistical guidelines call
for it now to be classified as portfolio
investment. BEA will no longer collect
data on loan loss reserves for banks,
which, along with a number of related
items, had been requested on the
specialized bank form that will be
discontinued. BEA will continue to
collect intercompany debt and related
interest data for the units of a
consolidated U.S. bank affiliate that
have insurance, real estate, or leasing
activities.
BEA is increasing the exemption level
for reporting on Form BE–605 from $30
million to $60 million. The exemption
level is stated in terms of the U.S.
affiliate’s total assets, sales or gross
operating revenues, and net income
after U.S. income taxes. At the new
reporting threshold, BEA expects about
4,000 U.S. affiliates to report each
quarter. This number is slightly higher
than the number—3,950—estimated at
the time of the last clearance of the
survey. However, the increase reflects
growth in the number of foreign-owned
firms, and would be significantly higher
in the absence of the increase in the
reporting threshold.
Survey Background
The BEA conducts the BE–605 survey
under the International Investment and
Trade in Services Survey Act (‘‘the
Act’’). Section 4(a) of the Act provides
that, with respect to foreign direct
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investment in the United States, the
President shall, to the extent he deems
it necessary and feasible, ‘‘conduct a
regular data collection program to
secure current information on
international capital 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 * * * 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 BE–605 quarterly survey is a
sample survey that collects data on
transactions and positions between
foreign-owned U.S. business enterprises
and their ‘‘affiliated foreign groups’’
(i.e., their foreign parents and foreign
affiliates of their foreign parents). The
sample data are used to derive universe
estimates in non-benchmark years from
similar data reported in the BE–12,
Benchmark Survey of Foreign Direct
Investment in the United States, which
is conducted every five years. The data
are used in the preparation of the U.S.
international transactions accounts,
national income and product accounts,
and input-output accounts. The data are
needed to measure the size and
economic significance of foreign direct
investment in the United States,
measure changes in such investment,
and assess its impact on the U.S.
economy.
Executive Order 12866
This final rule has been determined to
be not 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 in this
final rule has been submitted to the
Office of Management and Budget
(OMB) under the Paperwork Reduction
Act (PRA). OMB approved the
information collection under control
number 0608–0009.
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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–605 survey is expected to
result in the filing of about 4,000 reports
each financial quarter. The respondent
burden for this collection of information
is estimated to vary from one-half hour
to three hours per response, with an
average of one hour 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.
(The burden will vary depending, in
part, on the size and ownership
structure of the U.S. business enterprise
that is being reported.) Because reports
are filed 4 times per year, 16,000
responses annually are expected. Thus,
the average total annual respondent
burden of the survey is estimated at
16,000 hours (4,000 respondents filing 4
times per year multiplied by 1 hour
average burden). This estimate is
slightly higher than the 15,800 burden
hours currently in the OMB inventory
for this survey because the increase in
burden due to the growth in the number
of foreign-owned firms slightly exceeds
the reduction in burden resulting from
the increase in the reporting threshold.
Written comments regarding the
burden-hour estimates or any other
aspect of the collection-of-information
requirements contained in the final rule
should be sent both to the Bureau of
Economic Analysis via mail to U.S.
Department of Commerce, Bureau of
Economic Analysis, Office of the Chief,
Direct Investment Division, BE–50,
Washington, DC 20230; via e-mail at
David.Galler@bea.gov; or by FAX at
(202) 606–5311, and to the Office of
Management and Budget, O.I.R.A.,
Paperwork Reduction Project 0608–
0009, 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 final 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
E:\FR\FM\09DER1.SGM
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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations
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
Economic statistics, Foreign
investment in the United States,
International transactions, Penalties,
Reporting and recordkeeping
requirements.
Dated: November 16, 2009.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
For the reasons set forth in the
preamble, BEA amends 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 806.15(h) is revised to read
as follows:
■
§ 806.15 Foreign direct investment in the
United States.
*
*
*
*
*
(h) Quarterly report form. BE–605,
Quarterly Survey of Foreign Direct
Investment in the United States—
Transactions of U.S. Affiliate with
Foreign Parent: One report is required
for each U.S. affiliate exceeding an
exemption level of $60 million.
*
*
*
*
*
[FR Doc. E9–29312 Filed 12–8–09; 8:45 am]
BILLING CODE 3510–06–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2009–0331]
RIN 1625–AA87 and 1625–AA00
WReier-Aviles on DSKGBLS3C1PROD with RULES
Security and Safety Zone; Cruise Ship
Protection, Elliott Bay and Pier-91,
Seattle, WA
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
SUMMARY: The Coast Guard is adopting
the subject interim rule published in the
Federal Register August 20, 2009, as a
final rule without change. Due to the
physical location of Pier 91, Large
Passenger Cruise Vessels are required to
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14:53 Dec 08, 2009
Jkt 220001
maneuver near a prominent marina
frequented by a large recreational vessel
community and near other numerous
large commercial fishing vessels located
at adjacent piers, posing a high safety
and security risk when Large Passenger
Cruise Vessels are entering and
departing the cruise terminal. Due to the
inherent safety and security risks
associated with the movement of a
cruise ship into or out of this especially
tight berth at Pier 91, coupled with the
large recreational boating community
and commercial traffic in the area, the
Coast Guard Captain of the Port Puget
Sound finds it necessary to enact these
safety and security zones.
DATES: This rule is effective January 8,
2010.
ADDRESSES: Comments and material
received from the public, as well as
documents mentioned in this preamble
as being available in the docket, are part
of docket USCG–2009–0331 and are
available online by going to https://
www.regulations.gov, inserting USCG–
2009–0331 in the ‘‘Keyword’’ box, and
then clicking ‘‘Search.’’ This material is
also available for inspection or copying
at the Docket Management Facility (M–
30), U.S. Department of Transportation,
West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
rule, call or e-mail LTJG Ian Hanna,
Sector Seattle, Waterways Management
Division, Coast Guard; telephone 206–
217–6045, e-mail
Ian.S.Hanna@uscg.mil. If you have
questions on viewing the docket, call
Renee V. Wright, Program Manager,
Docket Operations, telephone 202–366–
9826.
SUPPLEMENTARY INFORMATION:
Regulatory Information
On August 20, 2009, we published an
interim rule with request for comment
entitled Security and Safety Zone;
Cruise Ship Protection, Elliott Bay and
Pier-91, Seattle, Washington in the
Federal Register (Volume 74, Number
160, Page 42026–42028). We received
no comments on the interim rule. No
parties requested a public meeting, and
no meeting was held. We are adopting
the interim rule as final without change.
Background and Purpose
The Coast Guard is establishing these
safety and security zones to ensure
adequate measures are in place for the
safety and security of Large Passenger
Cruise Vessels and the boating public.
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65019
The Coast Guard conducted a safety and
security risk assessment of the Cruise
Terminal at Pier 91 (at 47°37.58′ N/
122°23.0′ W), Seattle Washington, and
the surrounding waterways. As a result
of this assessment, the Captain of the
Port found sufficient cause to require
these safety and security zones. These
zones are necessary to ensure the safety
and security of not only moored Large
Passenger Cruise Vessels, but also for
Large Passenger Cruise Vessels that are
in transit while entering or departing
the Pier 91 cruise terminal at the Port of
Seattle. Due to the physical location of
Pier 91, Large Passenger Cruise Vessels
are required to maneuver near a
prominent marina and other numerous
large fishing vessels located at adjacent
piers when entering and departing the
cruise terminal. Therefore, in order to
protect these vessels, the safety and
security zones will be enforced during
the arrival and departure of Large
Passenger Cruise Vessels and during the
presence of moored Large Passenger
Cruise Vessels at Pier 91, Seattle,
Washington.
Regulatory Analyses
We developed this rule after
considering numerous statutes and
executive orders related to rulemaking.
Below we summarize our analyses
based on 13 of these statutes or
executive orders.
Regulatory Planning and Review
This rule is not a significant
regulatory action under section 3(f) of
Executive Order 12866, Regulatory
Planning and Review, and does not
require an assessment of potential costs
and benefits under section 6(a)(3) of that
Order. The Office of Management and
Budget has not reviewed it under that
Order. This rule will be enforced to
enhance the Security and Safety Zone
for the protection of large passenger
vessels under 33 CFR 165.1317. The
security and safety zone that is in place
during the arrival and departure of
Large Passenger Cruise Vessels in and
out of Pier 91 is short in duration, such
that, it should not adversely affect other
vessel traffic in the area, and the
Captain of the Port Puget Sound may
waive any of the requirements of this
section for any vessel or class of vessels
upon finding that a vessel or class of
vessels, operational conditions or other
circumstances are such that application
of this section is unnecessary or
impractical for the purpose of port
security, safety or environmental safety.
Small Entities
Under the Regulatory Flexibility Act
(5 U.S.C. 601–612), we have considered
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]]>Agencies
[Federal Register Volume 74, Number 235 (Wednesday, December 9, 2009)]
[Rules and Regulations]
[Pages 65017-65019]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-29312]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 806
[Docket No. 090130108-91414-02]
RIN 0691-AA70
Direct Investment Surveys: BE-605, Quarterly Survey of Foreign
Direct Investment in the United States--Transactions of U.S. Affiliate
With Foreign Parent
AGENCY: Bureau of Economic Analysis, Commerce.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends regulations of the Bureau of Economic
Analysis (BEA) setting forth reporting requirements for the BE-605
quarterly survey of foreign direct investment in the United States. The
survey obtains quarterly sample data on transactions and positions
between foreign-owned U.S. business enterprises (U.S. affiliates) and
their ``affiliated foreign groups'' (i.e., their foreign parents and
foreign affiliates of their foreign parents).
Through this rule, BEA will make a number of changes to the BE-605
survey. BEA will discontinue the use of separate forms for banks.
Beginning with the first quarter of 2010, both bank and nonbank U.S.
affiliates will file Form BE-605. In conjunction with this change, BEA
will change the title of Form BE-605. BEA will add and delete certain
items on the survey form and change the reporting criteria. BEA will
also collect identification information for affiliates filing Form BE-
605 for the first time, and make changes to the BE-605 form and
instructions to bring them into conformity with the recently revised
annual and benchmark surveys of foreign direct investment in the United
States.
DATES: This final rule will be effective January 8, 2010.
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; e-mail
david.galler@bea.gov or phone (202) 606-9835.
SUPPLEMENTARY INFORMATION: In the September 2, 2009, Federal Register,
74 FR 45383-45385, BEA published a notice of proposed rulemaking that
set forth revised reporting criteria for the BE-605, Quarterly Survey
of Foreign Direct Investment in the United States--Transactions of U.S.
Affiliate with Foreign Parent. No comments on the proposed rule were
received. Thus, the proposed rule is adopted without change. This final
rule amends 15 CFR 806.15 to set forth the reporting requirements for
the BE-605 quarterly survey of foreign direct investment in the United
States.
The BE-605 survey is a mandatory quarterly survey of foreign direct
investment conducted by BEA under the International Investment and
Trade in Services Survey Act (22 U.S.C. 3101-3108). BEA will send BE-
605 survey forms to potential respondents each quarter; responses will
be due within 30 days after the end of each quarter, except for the
final quarter of the fiscal year when reports will be due within 45
days of the end of the quarter.
Description of Changes
BEA is making a number of changes to the BE-605 survey. BEA is
discontinuing the use of separate forms for banks. Beginning with the
first quarter of 2010, both bank and nonbank U.S. affiliates will file
Form BE-605. In conjunction with this change, BEA is changing the title
of Form BE-605 to ``Quarterly Survey of Foreign Direct Investment in
the United States--Transactions of U.S. Affiliate with Foreign
Parent.'' Changes to language and instructions are being made to align
Form BE-605 with recent changes to the annual and benchmark surveys of
foreign direct investment.
[[Page 65018]]
BEA is adding items to Form BE-605 to collect additional
identification information on U.S. affiliates of foreign parents filing
the survey for the first time. (BEA previously collected more extensive
identification information on the U.S. business being established or
acquired, and on the new foreign owner, through Form BE-13, Initial
Report on a Foreign Person's Direct or Indirect Acquisition,
Establishment, or Purchase of the Operating Assets, of a Business
Enterprise, Including Real Estate, which was recently discontinued.)
These additional items include the date the business enterprise became
a U.S. affiliate of a foreign parent, and the U.S. affiliate's
industry. BEA is adding a question to the survey that asks U.S.
affiliates whether they are planning to construct, or are in the
process of constructing, a new production establishment.
BEA is discontinuing the collection of information on permanent
intercompany debt funding, and interest receipts and payments
associated with that funding, between U.S. affiliates that are banks
and their foreign parents. This debt funding information is collected
by the Treasury International Capital System, and recent changes in
international statistical guidelines call for it now to be classified
as portfolio investment. BEA will no longer collect data on loan loss
reserves for banks, which, along with a number of related items, had
been requested on the specialized bank form that will be discontinued.
BEA will continue to collect intercompany debt and related interest
data for the units of a consolidated U.S. bank affiliate that have
insurance, real estate, or leasing activities.
BEA is increasing the exemption level for reporting on Form BE-605
from $30 million to $60 million. The exemption level is stated in terms
of the U.S. affiliate's total assets, sales or gross operating
revenues, and net income after U.S. income taxes. At the new reporting
threshold, BEA expects about 4,000 U.S. affiliates to report each
quarter. This number is slightly higher than the number--3,950--
estimated at the time of the last clearance of the survey. However, the
increase reflects growth in the number of foreign-owned firms, and
would be significantly higher in the absence of the increase in the
reporting threshold.
Survey Background
The BEA conducts the BE-605 survey under the International
Investment and Trade in Services Survey Act (``the Act''). Section 4(a)
of the Act provides that, with respect to foreign direct investment in
the United States, the President shall, to the extent he deems it
necessary and feasible, ``conduct a regular data collection program to
secure current information on international capital 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 * * * 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 BE-605 quarterly survey is a sample survey that collects data
on transactions and positions between foreign-owned U.S. business
enterprises and their ``affiliated foreign groups'' (i.e., their
foreign parents and foreign affiliates of their foreign parents). The
sample data are used to derive universe estimates in non-benchmark
years from similar data reported in the BE-12, Benchmark Survey of
Foreign Direct Investment in the United States, which is conducted
every five years. The data are used in the preparation of the U.S.
international transactions accounts, national income and product
accounts, and input-output accounts. The data are needed to measure the
size and economic significance of foreign direct investment in the
United States, measure changes in such investment, and assess its
impact on the U.S. economy.
Executive Order 12866
This final rule has been determined to be not 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 in this final rule has been submitted
to the Office of Management and Budget (OMB) under the Paperwork
Reduction Act (PRA). OMB approved the information collection under
control number 0608-0009.
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-605 survey is expected to result in the filing of about
4,000 reports each financial quarter. The respondent burden for this
collection of information is estimated to vary from one-half hour to
three hours per response, with an average of one hour 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. (The burden will vary
depending, in part, on the size and ownership structure of the U.S.
business enterprise that is being reported.) Because reports are filed
4 times per year, 16,000 responses annually are expected. Thus, the
average total annual respondent burden of the survey is estimated at
16,000 hours (4,000 respondents filing 4 times per year multiplied by 1
hour average burden). This estimate is slightly higher than the 15,800
burden hours currently in the OMB inventory for this survey because the
increase in burden due to the growth in the number of foreign-owned
firms slightly exceeds the reduction in burden resulting from the
increase in the reporting threshold.
Written comments regarding the burden-hour estimates or any other
aspect of the collection-of-information requirements contained in the
final rule should be sent both to the Bureau of Economic Analysis via
mail to U.S. Department of Commerce, Bureau of Economic Analysis,
Office of the Chief, Direct Investment Division, BE-50, Washington, DC
20230; via e-mail at David.Galler@bea.gov; or by FAX at (202) 606-5311,
and to the Office of Management and Budget, O.I.R.A., Paperwork
Reduction Project 0608-0009, 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 final 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
[[Page 65019]]
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
Economic statistics, Foreign investment in the United States,
International transactions, Penalties, Reporting and recordkeeping
requirements.
Dated: November 16, 2009.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
0
For the reasons set forth in the preamble, BEA amends 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), and E.O. 12518 (3 CFR, 1985 Comp., p. 348).
0
2. Section 806.15(h) is revised to read as follows:
Sec. 806.15 Foreign direct investment in the United States.
* * * * *
(h) Quarterly report form. BE-605, Quarterly Survey of Foreign
Direct Investment in the United States--Transactions of U.S. Affiliate
with Foreign Parent: One report is required for each U.S. affiliate
exceeding an exemption level of $60 million.
* * * * *
[FR Doc. E9-29312 Filed 12-8-09; 8:45 am]
BILLING CODE 3510-06-P
