International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons, 10704-10707 [2010-4983]
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Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Proposed Rules
has been revised, future maintenance actions
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Alternative Methods of Compliance (AMOCs)
(k) The Manager, International Branch,
ANM–116, Transport Airplane Directorate,
FAA, has the authority to approve AMOCs
for this AD, if requested using the procedures
found in 14 CFR 39.19. Send information to
ATTN: Todd Thompson, Aerospace
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FAA, Transport Airplane Directorate, 1601
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(l) EASA Airworthiness Directive 2009–
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August 11, 2009; also address the subject of
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Issued in Renton, Washington, on March 2,
2010.
Suzanne Masterson,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 2010–5016 Filed 3–8–10; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 801
[Docket No. 0908131235–0060–01]
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RIN 0691–AA73
International Services Surveys: BE–
180, Benchmark Survey of Financial
Services Transactions Between U.S.
Financial Services Providers and
Foreign Persons
AGENCY: Bureau of Economic Analysis,
Commerce.
ACTION: Notice of proposed rulemaking.
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SUMMARY: This proposed rule would
amend regulations of the Bureau of
Economic Analysis, Department of
Commerce (BEA) to set forth the
reporting requirements for the BE–180,
Benchmark Survey of Financial Services
Transactions between U.S. Financial
Services Providers and Foreign Persons.
The BE–180 would replace a similar but
more limited survey, the BE–80,
Benchmark Survey of Financial Services
Transactions Between U.S. Financial
Services Providers and Unaffiliated
Foreign Persons. The agency form
number and survey title are being
changed because the survey would
include the collection of data on
transactions with affiliated foreigners
and unaffiliated foreigners using the
same survey instrument. If adopted the
BE–180 survey would be conducted
once every five years beginning with
fiscal year 2009.
The proposed BE–180 survey is
intended to cover financial services
transactions with foreign persons. In
nonbenchmark years, the universe
estimates covering these transactions
would be derived from the sample data
reported on BEA’s follow-on survey
(BE–185, Quarterly Survey of Financial
Services Transactions between U.S.
Financial Services Providers and
Foreign Persons).
The data will be used by BEA to
estimate the financial services
component of the U.S. International
Transactions Accounts and other
economic accounts compiled by BEA.
The data also are needed by the
government to monitor U.S. exports and
imports of financial services; analyze
their impact on the U.S. and foreign
economies; support U.S. international
trade policy on financial services; and
assess and promote U.S.
competitiveness in international trade
in services. In addition, they will
improve the ability of U.S. businesses to
identify and evaluate market
opportunities.
DATES: Comments on this proposed rule
will receive consideration if submitted
in writing on or before 5 p.m. May 10,
2010.
ADDRESSES: You may submit comments
by any of the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
For agency, select ‘‘Commerce
Department—all.’’
• E-mail:
Christopher.Emond@bea.gov.
• Fax: Chris Emond, Chief, Special
Surveys Branch, (202) 606–5318.
• Mail: Chris Emond, Chief, Special
Surveys Branch, Balance of Payments
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Division, U.S. Department of Commerce,
Bureau of Economic Analysis, BE–50,
Washington, DC 20230.
• Hand Delivery/Courier: Chris
Emond, Chief, Special Surveys Branch,
Balance of Payments Division, U.S.
Department of Commerce, Bureau of
Economic Analysis, BE–50, Shipping
and Receiving Section, M100, 1441 L
Street, NW., Washington, DC 20005.
Please include in your comment a
reference to RIN 0691–AA73 in the
subject line. Written comments
regarding the burden-hour estimates or
other aspects of the collection-ofinformation requirements contained in
the proposed rule should be sent both
to BEA, through any of the methods
listed above, and to the Office of
Management and Budget, O.I.R.A.,
Paperwork Reduction Project, Attention
PRA Desk Officer for BEA, via e-mail at
pbugg@omb.eop.gov, or by FAX at 202–
395–7245.
Public Inspection: All comments
received are a part of the public record
and will generally be posted to https://
www.regulations.gov without change.
All personal identifying information (for
example, name, address, etc.)
voluntarily submitted by the
commentator may be publicly
accessible. Do not submit confidential
business information or otherwise
sensitive or protected information. BEA
will accept anonymous comments.
FOR FURTHER INFORMATION CONTACT:
Chris Emond, Chief, Special Surveys
Branch, Balance of Payments Division
(BE–50), Bureau of Economic Analysis,
U.S. DOC, Washington, DC 20230;
e-mail Christopher.Emond@bea.gov; or
phone (202) 606–9826.
This
proposed rule would amend 15 CFR
Part 801 to set forth the reporting
requirements for the BE–180,
Benchmark Survey of Financial Services
Transactions between U.S. Financial
Services Providers and Foreign Persons.
The BE–180 would replace a similar but
more limited survey, the BE–80,
Benchmark Survey of Financial Services
Transactions Between U.S. Financial
Services Providers and Unaffiliated
Foreign Persons, and would include the
collection of data on transactions with
affiliated foreigners and unaffiliated
foreigners. The proposed BE–180 survey
is intended to cover financial services
transactions with foreign persons. In
nonbenchmark years, the universe
estimates covering these transactions
would be derived from the sample data
reported on BEA’s follow-on survey
(BE–185, Quarterly Survey of Financial
Services Transactions between U.S.
SUPPLEMENTARY INFORMATION:
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Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Proposed Rules
Financial Services Providers and
Foreign Persons).
The survey would be mandatory for
those U.S. financial companies that
engage in the covered transactions in
amounts that exceed the exemption
level. The Department of Commerce, as
part of its continuing effort to reduce
paperwork and respondents 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.
The survey as described in this rule
would be conducted by BEA every five
years, with the first survey covering
fiscal year 2009, under the authority
provided by the International
Investment and Trade in Services
Survey Act (22 U.S.C. 3101–3108),
hereinafter, ‘‘the Act,’’ and by Section
5408 of the Omnibus Trade and
Competitiveness Act of 1988. If this
proposed rule is implemented, BEA
would send the survey to potential
respondents in June of 2010; responses
would be due by August 31, 2010.
The services covered by the BE–180
would include the following
transactions: (1) Brokerage services
related to equity transactions, and (2)
other brokerage services; (3)
underwriting and private placement
services; (4) financial management
services; (5) credit-related services,
except credit card services, and (6)
credit card services; (7) financial
advisory and custody services; (8)
securities lending services; (9)
electronic funds transfer services; and
(10) other financial services. The
exemption level for the proposed survey
is total sales or purchases of $3 million
during the reporting period, for the ten
categories listed above. Financial
companies that exceed this threshold
must supply data on the amount of their
financial transactions for each category,
disaggregated by country and by its
relationship to the foreign transactor
(foreign affiliate, foreign parent group,
or unaffiliated). In addition, this survey
would collect subcomponents of
financial management receipts at the
global level.
U.S. financial companies that are
exempt from the survey’s reporting
requirements because they do not meet
the reporting threshold are requested to
provide, on a voluntary basis, estimates
of their covered financial services
transactions. Any U.S. financial
company that receives the BE–180
survey form from BEA, but does not
report data because it is exempt under
the regulations, must file an exemption
claim by completing pages one through
five of the survey. This requirement is
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necessary to ensure efficient
administration of the Act by eliminating
unnecessary follow-up contact. If a U.S.
financial company does not receive the
BE–180 survey form and is not
otherwise required to report under these
regulations, then the company is not
required to take any action.
BEA maintains a continuing dialogue
with respondents and with data users,
including its own internal users, to
ensure that, as far as possible, the
required data serve their intended
purposes and are available from the
existing records, that instructions are
clear, and that unreasonable burdens are
not imposed. In reaching decisions on
questions to include in the survey, BEA
considered the Government’s need for
the data, the burden imposed on
respondents, the quality of the likely
responses (for example, whether the
data are available on respondents’
books), and BEA’s experience in
previous benchmark, annual, and
quarterly surveys.
Survey Background
The Bureau of Economic Analysis
(BEA), U.S. Department of Commerce,
would conduct the survey under the
International Investment and Trade in
Services Survey Act (22 U.S.C. 3101–
3108), and Section 5408 of the Omnibus
Trade and Competitiveness Act of 1988.
Section 4(a) of the Act (22 U.S.C.
3103(a)) provides that the President
shall, to the extent he deems necessary
and feasible, conduct a regular data
collection program to secure current
information related to international
investment and trade in services and
publish for the use of the general public
and United States Government agencies
periodic, regular, and comprehensive
statistical information collected
pursuant to this subsection.
In Section 3 of Executive Order
11961, as amended by Executive Orders
12318 and 12518, the President
delegated the responsibilities under the
Act for performing functions concerning
international trade in services to the
Secretary of Commerce, who has
redelegated them to BEA.
Data from the proposed survey are
needed to monitor U.S. exports and
imports of financial services; analyze
their impact on the U.S. and foreign
economies; compile and improve the
U.S. international transactions, national
income and product, and input-output
accounts; support U.S. international
trade policy on financial services; assess
and promote U.S. competitiveness in
international trade in services; and
improve the ability of U.S. businesses to
identify and evaluate market
opportunities.
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10705
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. The requirement will be submitted
to OMB as a request to reinstate with
change a previously approved collection
for which approval has expired under
OMB Control Number 0608–0062.
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 Office of
Management and Budget Control
Number.
The benchmark survey, as proposed,
is expected to result in the filing of
reports from approximately 8,000
respondents. Approximately 1,000
respondents would report mandatory or
voluntary data on the survey and
approximately 7,000 would file
exemption claims. The respondent
burden for this collection of information
would vary from one respondent to
another, but is estimated to average ten
hours, including time for reviewing the
instructions, searching existing data
sources, gathering and maintaining the
data needed, and completing and
reviewing the collection of information
for the respondents that file mandatory
or voluntary data and two hours for
other responses. Thus, the total
respondent burden for the survey is
estimated at 24,000 hours.
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
the collection of information on the
respondents, including the use of
automated collection techniques or
other forms of information technology.
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Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Proposed Rules
Written comments regarding the
burden-hour estimates or other aspects
of the collection-of-information
requirements contained in the proposed
rule should be sent both to BEA,
through any of the methods listed
above, and to the Office of Management
and Budget, O.I.R.A., Paperwork
Reduction Project, 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
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.
While the survey does not collect data
on total sales or other measures of the
overall size of the businesses that
respond to the survey, historically the
respondents to the existing quarterly
survey of financial services transactions
and to the previous benchmark surveys
have been comprised mainly of major
U.S. corporations. The proposed
benchmark survey will be required from
U.S. financial companies whose sales or
purchases of the covered financial
services with foreign persons exceeded
$3 million for fiscal year 2009. This
exemption level will exclude most small
businesses from mandatory coverage.
Any small businesses that may be
required to report would likely have
engaged in only a few covered
transactions and so the burden on them
would be relatively small.
List of Subjects in 15 CFR Part 801
International transactions, Economic
statistics, Foreign trade, Penalties,
Reporting and recordkeeping
requirements.
Dated: January 12, 2010.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
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For the reasons set forth in the
preamble, BEA proposes to amend 15
CFR Part 801, as follows:
PART 801—SURVEY OF
INTERNATIONAL TRADE IN SERVICES
BETWEEN U.S. AND FOREIGN
PERSONS
1. The authority citation for 15 CFR
Part 801 continues to read as follows:
Authority: 5 U.S.C. 301; 15 U.S.C. 4908;
22 U.S.C. 3101–3108; and 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.
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2. Amend § 801.9 by revising
paragraph (a) to read as follows:
§ 801.9
Reports required.
(a) Benchmark surveys. Section 4(a)(4)
of the Act (22 U.S.C. 3103) provides that
benchmark surveys of trade in services
between U.S. and foreign persons be
conducted, but not more frequently than
every 5 years. General reporting
requirements, exemption levels, and the
years of coverage for the BE–120 survey
may be found in § 801.10: General
reporting requirements, exemption
levels, and the years of coverage for the
BE–140 survey may be found in
§ 801.11: More detailed instructions are
given on the forms themselves; and
general reporting requirements,
exemption levels, and the years for
coverage for the BE–180 survey may be
found in § 801.12:
*
*
*
*
*
§ 801.11
[Removed]
3. Remove § 801.11.
§ 801.12
[Redesignated as § 801.11]
4. Redesignate § 801.12 as § 801.11.
5. Add section 801.12 to read as
follows:
§ 801.12 Rules and regulations for the BE–
180, Benchmark Survey of Financial
Services Transactions between U.S.
Financial Services Providers and Foreign
Persons.
(a) The BE–180, Benchmark Survey of
Financial Services Transactions
between U.S. Financial Services
Providers and Foreign Persons, will be
conducted beginning with fiscal year
2009 and every fifth year thereafter.
More detailed instructions are given on
the report forms and instructions.
(b) Who must report—(1) Mandatory
reporting. A report is required from each
U.S. person that is a financial services
provider or intermediary, or whose
consolidated U.S. enterprise includes a
separately organized subsidiary, or part,
that is a financial services provider or
intermediary, and that had transactions
(either sales or purchases) directly with
foreign persons in all financial services
combined in excess of $3,000,000
during its fiscal year covered by the
survey on an accrual basis. The
$3,000,000 threshold should be applied
to financial services transactions with
foreign persons by all parts of the
consolidated U.S. enterprise combined
that are financial services providers or
intermediaries. Because the $3,000,000
threshold applies separately to sales and
purchases, the mandatory reporting
requirement may apply only to sales,
only to purchases, or to both.
(i) The determination of whether a
U.S. financial services provider or
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intermediary is subject to this
mandatory reporting requirement may
be based on the judgment of
knowledgeable persons in a company
who can identify reportable transactions
on a recall basis, with a reasonable
degree of certainty, without conducting
a detailed manual records search.
(ii) Reporters that file pursuant to this
mandatory reporting requirement must
provide data on total sales and/or
purchases of each of the covered types
of financial services transactions and
must disaggregate the totals by country
and by relationship to the foreign
transactor (foreign affiliate, foreign
parent group, or unaffiliated).
(2) Voluntary reporting. If, during the
fiscal year covered, sales or purchases of
financial services by a firm that is a
financial services provider or
intermediary, or by a firm’s subsidiaries,
or parts, combined that are financial
services providers or intermediaries, are
$3,000,000 or less, the U.S. person is
requested to provide an estimate of the
total for each type of service. Provision
of this information is voluntary. Because
the $3,000,000 threshold applies
separately to sales and purchases, this
voluntary reporting option may apply
only to sales, only to purchases, or to
both.
(3) Exemption claims. Entities that
receive the BE–180 survey but are not
subject to the mandatory reporting
requirements and choose not to report
data voluntarily must file an exemption
claim by completing pages one through
five of the BE–180 survey and returning
them to BEA.
(c) BE–180 definition of financial
services provider. The definition of
financial services provider used for this
survey is identical to the definition of
the term as used in the North American
Industry Classification System, United
States, 2007, Sector 52–Finance and
Insurance, and holding companies that
own or influence, and are principally
engaged in making management
decisions for these firms (part of Sector
55–Management of Companies and
Enterprises). For example, companies
and/or subsidiaries and other separable
parts of companies in the following
industries are defined as financial
services providers: Depository credit
intermediation and related activities
(including commercial banking, savings
institutions, credit unions, and other
depository credit intermediation); nondepository credit intermediation
(including credit card issuing, sales
financing, and other non-depository
credit intermediation); activities related
to credit intermediation (including
mortgage and nonmortgage loan brokers,
financial transactions processing,
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reserve, and clearinghouse activities,
and other activities related to credit
intermediation); securities and
commodity contracts intermediation
and brokerage (including investment
banking and securities dealing,
securities brokerage, commodity
contracts and dealing, and commodity
contracts brokerage); securities and
commodity exchanges; other financial
investment activities (including
miscellaneous intermediation, portfolio
management, investment advice, and all
other financial investment activities);
insurance carriers; insurance agencies,
brokerages, and other insurance related
activities; insurance and employee
benefit funds (including pension funds,
health and welfare funds, and other
insurance funds); other investment
pools and funds (including open-end
investment funds, trusts, estates, and
agency accounts, real estate investment
trusts, and other financial vehicles); and
holding companies that own, or
influence the management decisions of,
firms principally engaged in the
aforementioned activities.
(d) Covered types of services. The BE–
180 survey covers the following types of
financial services transactions (sales or
purchases) between U.S. financial
companies and foreign persons:
Brokerage services related to equity
transactions; other brokerage services;
underwriting and private placement
services; financial management services;
credit-related services, except credit
card services; credit card services;
financial advisory and custody services;
securities lending services; electronic
funds transfer services; and other
financial services.
*
*
*
*
*
[FR Doc. 2010–4983 Filed 3–8–10; 8:45 am]
BILLING CODE 3510–06–P
I. Background
FEDERAL TRADE COMMISSION
16 CFR Part 322
RIN 3084-AB18
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MORTGAGE ASSISTANCE RELIEF
SERVICES
AGENCY: Federal Trade Commission
(FTC or Commission).
ACTION: Notice of Proposed Rulemaking;
request for public comment.
SUMMARY: Pursuant to the 2009
Omnibus Appropriations Act (Omnibus
Appropriations Act), which was later
clarified by the Credit Card
Accountability and Responsibility and
Disclosure Act of 2009 (Credit CARD
Act), the Commission issues a Notice of
Proposed Rulemaking (NPRM)
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concerning the practices of for-profit
companies that, in exchange for a fee,
offer to work with lenders and servicers
on behalf of consumers to modify the
terms of mortgage loans or to avoid
foreclosure on those loans. The
proposed Rule published for comment,
among other things, would: prohibit
providers of these services from making
false or misleading claims; mandate that
providers disclose certain information
about these services; bar the collection
of advance fees for these services;
prohibit persons from providing
substantial assistance or support to an
entity they know or consciously avoid
knowing is engaged in a violation of
these Rules; and impose recordkeeping
and compliance requirements.
DATES: Comments must be received by
March 29, 2010.
ADDRESSES: Interested parties are
invited to submit written comments
electronically or in paper form by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Comments in electronic form
should be submitted at (https://
public.commentworks.com/ftc/MARSNPRM) (and following the instructions
on the web-based form). Comments in
paper form should be mailed or
delivered to the following address:
Federal Trade Commission, Office of the
Secretary, Room H-135 (Annex W), 600
Pennsylvania Avenue, NW, Washington,
DC 20580, in the manner detailed in the
SUPPLEMENTARY INFORMATION section
below.
FOR FURTHER INFORMATION CONTACT:
Laura Sullivan, Evan Zullow, or Robert
Mahini, Attorneys, Division of Financial
Practices, Federal Trade Commission,
600 Pennsylvania Avenue, NW,
Washington, DC 20580, (202) 326-3224.
SUPPLEMENTARY INFORMATION:
A. Statutory Authority
On March 11, 2009, President Obama
signed the Omnibus Appropriations
Act.1 Section 626 of this Act directed
the Commission to commence, within
90 days of enactment, a rulemaking
proceeding with respect to mortgage
loans.2 Section 626 also directed the
FTC to use notice and comment
rulemaking procedures under Section
553 of the Administrative Procedure Act
(APA), 5 U.S.C. 553.3
1 2009 Omnibus Appropriations Act, Pub. L. 1118, 123 Stat. 524.
2 Id. § 626(a).
3 Id. Because Congress directed the Commission
to use these APA rulemaking procedures, the FTC
will not use the procedures set forth in Section 18
of the FTC Act, 15 U.S.C. 57a.
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10707
On May 22, 2009, President Obama
signed the Credit CARD Act.4 Section
511 of this act clarified the
Commission’s rulemaking authority
under the Omnibus Appropriations Act.
First, Section 511 specified that the
rulemaking ‘‘shall relate to unfair or
deceptive acts or practices regarding
mortgage loans, which may include
unfair or deceptive acts or practices
involving loan modification and
foreclosure rescue services.’’5 The
Omnibus Appropriations Act, as
clarified by the Credit CARD Act, does
not specify any particular types of
provisions that the Commission should
or should not include in a rule
addressing loan modification and
foreclosure rescue services but rather
directs the Commission to issue rules
that ‘‘relate to’’ unfairness or deception.6
Accordingly, the Commission interprets
the Omnibus Appropriation Act to
allow it to issue rules prohibiting or
restricting conduct that may not be
unfair or deceptive itself but would be
reasonably related to the goal of
preventing unfairness or deception.7
Second, Section 511 of the Credit
CARD Act clarified that the
Commission’s rulemaking authority was
limited to entities that are subject to
enforcement by the Commission under
the FTC Act.8 The rules the Commission
promulgates to implement the Omnibus
Appropriations Act, therefore, cannot
cover the practices of banks, thrifts,
federal credit unions,9 or certain
nonprofits.10
The Omnibus Appropriations Act, as
clarified by the Credit CARD Act, also
permits both the Commission and the
4 Credit Card Accountability Responsibility and
Disclosure Act of 2009, Pub. L. 111-24, 123 Stat.
1734 (Credit CARD Act).
5 Id. § 511(a)(1)(B).
6 Id.
7 Unlike Section 18 of the FTC Act, 15 U.S.C. 57,
the Omnibus Appropriations Act, as clarified by the
Credit CARD Act, does not require that the
Commission identify with specificity in the rule the
unfair or deceptive acts or practices that the
prohibitions will prevent. Omnibus Appropriations
Act § 626(a); Credit CARD Act § 511(a)(1)(B); see
also Katharine Gibbs Sch. v. FTC, 612 F.2d 658 (2d
Cir. 1979).
8 Credit CARD Act § 511(a)(1)(B).
9 15 U.S.C. 45(a)(2).
10 15 U.S.C. 44. Bona fide nonprofit entities are
exempt from the jurisdiction of the FTC Act.
Sections 4 and 5 of the FTC Act confer on the
Commission jurisdiction over persons,
partnerships, or corporations organized to carry on
business for their profit or that of their members.
15 U.S.C. 44, 45(a)(2). The FTC does, however, have
jurisdiction over for-profit entities that provide
mortgage-related services as a result of a contractual
relationship with a nonprofit organization. See
Nat’l Fed’n of the Blind v. FTC, 420 F.3d 331, 33435 (4th Cir. 2005). In addition, the Commission
asserts jurisdiction over ‘‘sham charities’’ that
operate as for-profit entities in practice. See infra
note 112 and accompanying text.
E:\FR\FM\09MRP1.SGM
09MRP1
]]>Agencies
[Federal Register Volume 75, Number 45 (Tuesday, March 9, 2010)]
[Proposed Rules]
[Pages 10704-10707]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4983]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 801
[Docket No. 0908131235-0060-01]
RIN 0691-AA73
International Services Surveys: BE-180, Benchmark Survey of
Financial Services Transactions Between U.S. Financial Services
Providers and Foreign Persons
AGENCY: Bureau of Economic Analysis, Commerce.
ACTION: Notice of proposed rulemaking.
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SUMMARY: This proposed rule would amend regulations of the Bureau of
Economic Analysis, Department of Commerce (BEA) to set forth the
reporting requirements for the BE-180, Benchmark Survey of Financial
Services Transactions between U.S. Financial Services Providers and
Foreign Persons. The BE-180 would replace a similar but more limited
survey, the BE-80, Benchmark Survey of Financial Services Transactions
Between U.S. Financial Services Providers and Unaffiliated Foreign
Persons. The agency form number and survey title are being changed
because the survey would include the collection of data on transactions
with affiliated foreigners and unaffiliated foreigners using the same
survey instrument. If adopted the BE-180 survey would be conducted once
every five years beginning with fiscal year 2009.
The proposed BE-180 survey is intended to cover financial services
transactions with foreign persons. In nonbenchmark years, the universe
estimates covering these transactions would be derived from the sample
data reported on BEA's follow-on survey (BE-185, Quarterly Survey of
Financial Services Transactions between U.S. Financial Services
Providers and Foreign Persons).
The data will be used by BEA to estimate the financial services
component of the U.S. International Transactions Accounts and other
economic accounts compiled by BEA. The data also are needed by the
government to monitor U.S. exports and imports of financial services;
analyze their impact on the U.S. and foreign economies; support U.S.
international trade policy on financial services; and assess and
promote U.S. competitiveness in international trade in services. In
addition, they will improve the ability of U.S. businesses to identify
and evaluate market opportunities.
DATES: Comments on this proposed rule will receive consideration if
submitted in writing on or before 5 p.m. May 10, 2010.
ADDRESSES: You may submit comments by any of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. For agency, select
``Commerce Department--all.''
E-mail: Christopher.Emond@bea.gov.
Fax: Chris Emond, Chief, Special Surveys Branch, (202)
606-5318.
Mail: Chris Emond, Chief, Special Surveys Branch, Balance
of Payments Division, U.S. Department of Commerce, Bureau of Economic
Analysis, BE-50, Washington, DC 20230.
Hand Delivery/Courier: Chris Emond, Chief, Special Surveys
Branch, Balance of Payments Division, U.S. Department of Commerce,
Bureau of Economic Analysis, BE-50, Shipping and Receiving Section,
M100, 1441 L Street, NW., Washington, DC 20005.
Please include in your comment a reference to RIN 0691-AA73 in the
subject line. Written comments regarding the burden-hour estimates or
other aspects of the collection-of-information requirements contained
in the proposed rule should be sent both to BEA, through any of the
methods listed above, and to the Office of Management and Budget,
O.I.R.A., Paperwork Reduction Project, Attention PRA Desk Officer for
BEA, via e-mail at pbugg@omb.eop.gov, or by FAX at 202-395-7245.
Public Inspection: All comments received are a part of the public
record and will generally be posted to https://www.regulations.gov
without change. All personal identifying information (for example,
name, address, etc.) voluntarily submitted by the commentator may be
publicly accessible. Do not submit confidential business information or
otherwise sensitive or protected information. BEA will accept anonymous
comments.
FOR FURTHER INFORMATION CONTACT: Chris Emond, Chief, Special Surveys
Branch, Balance of Payments Division (BE-50), Bureau of Economic
Analysis, U.S. DOC, Washington, DC 20230; e-mail
Christopher.Emond@bea.gov; or phone (202) 606-9826.
SUPPLEMENTARY INFORMATION: This proposed rule would amend 15 CFR Part
801 to set forth the reporting requirements for the BE-180, Benchmark
Survey of Financial Services Transactions between U.S. Financial
Services Providers and Foreign Persons. The BE-180 would replace a
similar but more limited survey, the BE-80, Benchmark Survey of
Financial Services Transactions Between U.S. Financial Services
Providers and Unaffiliated Foreign Persons, and would include the
collection of data on transactions with affiliated foreigners and
unaffiliated foreigners. The proposed BE-180 survey is intended to
cover financial services transactions with foreign persons. In
nonbenchmark years, the universe estimates covering these transactions
would be derived from the sample data reported on BEA's follow-on
survey (BE-185, Quarterly Survey of Financial Services Transactions
between U.S.
[[Page 10705]]
Financial Services Providers and Foreign Persons).
The survey would be mandatory for those U.S. financial companies
that engage in the covered transactions in amounts that exceed the
exemption level. The Department of Commerce, as part of its continuing
effort to reduce paperwork and respondents 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.
The survey as described in this rule would be conducted by BEA
every five years, with the first survey covering fiscal year 2009,
under the authority provided by the International Investment and Trade
in Services Survey Act (22 U.S.C. 3101-3108), hereinafter, ``the Act,''
and by Section 5408 of the Omnibus Trade and Competitiveness Act of
1988. If this proposed rule is implemented, BEA would send the survey
to potential respondents in June of 2010; responses would be due by
August 31, 2010.
The services covered by the BE-180 would include the following
transactions: (1) Brokerage services related to equity transactions,
and (2) other brokerage services; (3) underwriting and private
placement services; (4) financial management services; (5) credit-
related services, except credit card services, and (6) credit card
services; (7) financial advisory and custody services; (8) securities
lending services; (9) electronic funds transfer services; and (10)
other financial services. The exemption level for the proposed survey
is total sales or purchases of $3 million during the reporting period,
for the ten categories listed above. Financial companies that exceed
this threshold must supply data on the amount of their financial
transactions for each category, disaggregated by country and by its
relationship to the foreign transactor (foreign affiliate, foreign
parent group, or unaffiliated). In addition, this survey would collect
subcomponents of financial management receipts at the global level.
U.S. financial companies that are exempt from the survey's
reporting requirements because they do not meet the reporting threshold
are requested to provide, on a voluntary basis, estimates of their
covered financial services transactions. Any U.S. financial company
that receives the BE-180 survey form from BEA, but does not report data
because it is exempt under the regulations, must file an exemption
claim by completing pages one through five of the survey. This
requirement is necessary to ensure efficient administration of the Act
by eliminating unnecessary follow-up contact. If a U.S. financial
company does not receive the BE-180 survey form and is not otherwise
required to report under these regulations, then the company is not
required to take any action.
BEA maintains a continuing dialogue with respondents and with data
users, including its own internal users, to ensure that, as far as
possible, the required data serve their intended purposes and are
available from the existing records, that instructions are clear, and
that unreasonable burdens are not imposed. In reaching decisions on
questions to include in the survey, BEA considered the Government's
need for the data, the burden imposed on respondents, the quality of
the likely responses (for example, whether the data are available on
respondents' books), and BEA's experience in previous benchmark,
annual, and quarterly surveys.
Survey Background
The Bureau of Economic Analysis (BEA), U.S. Department of Commerce,
would conduct the survey under the International Investment and Trade
in Services Survey Act (22 U.S.C. 3101-3108), and Section 5408 of the
Omnibus Trade and Competitiveness Act of 1988. Section 4(a) of the Act
(22 U.S.C. 3103(a)) provides that the President shall, to the extent he
deems necessary and feasible, conduct a regular data collection program
to secure current information related to international investment and
trade in services and publish for the use of the general public and
United States Government agencies periodic, regular, and comprehensive
statistical information collected pursuant to this subsection.
In Section 3 of Executive Order 11961, as amended by Executive
Orders 12318 and 12518, the President delegated the responsibilities
under the Act for performing functions concerning international trade
in services to the Secretary of Commerce, who has redelegated them to
BEA.
Data from the proposed survey are needed to monitor U.S. exports
and imports of financial services; analyze their impact on the U.S. and
foreign economies; compile and improve the U.S. international
transactions, national income and product, and input-output accounts;
support U.S. international trade policy on financial services; assess
and promote U.S. competitiveness in international trade in services;
and improve the ability of U.S. businesses to identify and evaluate
market opportunities.
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. The requirement will be
submitted to OMB as a request to reinstate with change a previously
approved collection for which approval has expired under OMB Control
Number 0608-0062.
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 Office of Management and Budget Control
Number.
The benchmark survey, as proposed, is expected to result in the
filing of reports from approximately 8,000 respondents. Approximately
1,000 respondents would report mandatory or voluntary data on the
survey and approximately 7,000 would file exemption claims. The
respondent burden for this collection of information would vary from
one respondent to another, but is estimated to average ten hours,
including time for reviewing the instructions, searching existing data
sources, gathering and maintaining the data needed, and completing and
reviewing the collection of information for the respondents that file
mandatory or voluntary data and two hours for other responses. Thus,
the total respondent burden for the survey is estimated at 24,000
hours.
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 the collection of
information on the respondents, including the use of automated
collection techniques or other forms of information technology.
[[Page 10706]]
Written comments regarding the burden-hour estimates or other
aspects of the collection-of-information requirements contained in the
proposed rule should be sent both to BEA, through any of the methods
listed above, and to the Office of Management and Budget, O.I.R.A.,
Paperwork Reduction Project, 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 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. While the survey does not collect data on total sales or
other measures of the overall size of the businesses that respond to
the survey, historically the respondents to the existing quarterly
survey of financial services transactions and to the previous benchmark
surveys have been comprised mainly of major U.S. corporations. The
proposed benchmark survey will be required from U.S. financial
companies whose sales or purchases of the covered financial services
with foreign persons exceeded $3 million for fiscal year 2009. This
exemption level will exclude most small businesses from mandatory
coverage. Any small businesses that may be required to report would
likely have engaged in only a few covered transactions and so the
burden on them would be relatively small.
List of Subjects in 15 CFR Part 801
International transactions, Economic statistics, Foreign trade,
Penalties, Reporting and recordkeeping requirements.
Dated: January 12, 2010.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
For the reasons set forth in the preamble, BEA proposes to amend 15
CFR Part 801, as follows:
PART 801--SURVEY OF INTERNATIONAL TRADE IN SERVICES BETWEEN U.S.
AND FOREIGN PERSONS
1. The authority citation for 15 CFR Part 801 continues to read as
follows:
Authority: 5 U.S.C. 301; 15 U.S.C. 4908; 22 U.S.C. 3101-3108;
and 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. Amend Sec. 801.9 by revising paragraph (a) to read as follows:
Sec. 801.9 Reports required.
(a) Benchmark surveys. Section 4(a)(4) of the Act (22 U.S.C. 3103)
provides that benchmark surveys of trade in services between U.S. and
foreign persons be conducted, but not more frequently than every 5
years. General reporting requirements, exemption levels, and the years
of coverage for the BE-120 survey may be found in Sec. 801.10: General
reporting requirements, exemption levels, and the years of coverage for
the BE-140 survey may be found in Sec. 801.11: More detailed
instructions are given on the forms themselves; and general reporting
requirements, exemption levels, and the years for coverage for the BE-
180 survey may be found in Sec. 801.12:
* * * * *
Sec. 801.11 [Removed]
3. Remove Sec. 801.11.
Sec. 801.12 [Redesignated as Sec. 801.11]
4. Redesignate Sec. 801.12 as Sec. 801.11.
5. Add section 801.12 to read as follows:
Sec. 801.12 Rules and regulations for the BE-180, Benchmark Survey of
Financial Services Transactions between U.S. Financial Services
Providers and Foreign Persons.
(a) The BE-180, Benchmark Survey of Financial Services Transactions
between U.S. Financial Services Providers and Foreign Persons, will be
conducted beginning with fiscal year 2009 and every fifth year
thereafter. More detailed instructions are given on the report forms
and instructions.
(b) Who must report--(1) Mandatory reporting. A report is required
from each U.S. person that is a financial services provider or
intermediary, or whose consolidated U.S. enterprise includes a
separately organized subsidiary, or part, that is a financial services
provider or intermediary, and that had transactions (either sales or
purchases) directly with foreign persons in all financial services
combined in excess of $3,000,000 during its fiscal year covered by the
survey on an accrual basis. The $3,000,000 threshold should be applied
to financial services transactions with foreign persons by all parts of
the consolidated U.S. enterprise combined that are financial services
providers or intermediaries. Because the $3,000,000 threshold applies
separately to sales and purchases, the mandatory reporting requirement
may apply only to sales, only to purchases, or to both.
(i) The determination of whether a U.S. financial services provider
or intermediary is subject to this mandatory reporting requirement may
be based on the judgment of knowledgeable persons in a company who can
identify reportable transactions on a recall basis, with a reasonable
degree of certainty, without conducting a detailed manual records
search.
(ii) Reporters that file pursuant to this mandatory reporting
requirement must provide data on total sales and/or purchases of each
of the covered types of financial services transactions and must
disaggregate the totals by country and by relationship to the foreign
transactor (foreign affiliate, foreign parent group, or unaffiliated).
(2) Voluntary reporting. If, during the fiscal year covered, sales
or purchases of financial services by a firm that is a financial
services provider or intermediary, or by a firm's subsidiaries, or
parts, combined that are financial services providers or
intermediaries, are $3,000,000 or less, the U.S. person is requested to
provide an estimate of the total for each type of service. Provision of
this information is voluntary. Because the $3,000,000 threshold applies
separately to sales and purchases, this voluntary reporting option may
apply only to sales, only to purchases, or to both.
(3) Exemption claims. Entities that receive the BE-180 survey but
are not subject to the mandatory reporting requirements and choose not
to report data voluntarily must file an exemption claim by completing
pages one through five of the BE-180 survey and returning them to BEA.
(c) BE-180 definition of financial services provider. The
definition of financial services provider used for this survey is
identical to the definition of the term as used in the North American
Industry Classification System, United States, 2007, Sector 52-Finance
and Insurance, and holding companies that own or influence, and are
principally engaged in making management decisions for these firms
(part of Sector 55-Management of Companies and Enterprises). For
example, companies and/or subsidiaries and other separable parts of
companies in the following industries are defined as financial services
providers: Depository credit intermediation and related activities
(including commercial banking, savings institutions, credit unions, and
other depository credit intermediation); non-depository credit
intermediation (including credit card issuing, sales financing, and
other non-depository credit intermediation); activities related to
credit intermediation (including mortgage and nonmortgage loan brokers,
financial transactions processing,
[[Page 10707]]
reserve, and clearinghouse activities, and other activities related to
credit intermediation); securities and commodity contracts
intermediation and brokerage (including investment banking and
securities dealing, securities brokerage, commodity contracts and
dealing, and commodity contracts brokerage); securities and commodity
exchanges; other financial investment activities (including
miscellaneous intermediation, portfolio management, investment advice,
and all other financial investment activities); insurance carriers;
insurance agencies, brokerages, and other insurance related activities;
insurance and employee benefit funds (including pension funds, health
and welfare funds, and other insurance funds); other investment pools
and funds (including open-end investment funds, trusts, estates, and
agency accounts, real estate investment trusts, and other financial
vehicles); and holding companies that own, or influence the management
decisions of, firms principally engaged in the aforementioned
activities.
(d) Covered types of services. The BE-180 survey covers the
following types of financial services transactions (sales or purchases)
between U.S. financial companies and foreign persons: Brokerage
services related to equity transactions; other brokerage services;
underwriting and private placement services; financial management
services; credit-related services, except credit card services; credit
card services; financial advisory and custody services; securities
lending services; electronic funds transfer services; and other
financial services.
* * * * *
[FR Doc. 2010-4983 Filed 3-8-10; 8:45 am]
BILLING CODE 3510-06-P
