83 FR 31363 - Proposed Information Collection; Comment Request; Services Surveys: BE-185, Quarterly Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons

DEPARTMENT OF COMMERCE
Bureau of Economic Analysis

Federal Register Volume 83, Issue 129 (July 5, 2018)

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.

[Federal Register Volume 83, Number 129 (Thursday, July 5, 2018)]
[Notices]
[Pages 31363-31364]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-14420]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposed Information Collection; Comment Request; Services 
Surveys: BE-185, Quarterly Survey of Financial Services Transactions 
Between U.S. Financial Services Providers and Foreign Persons

AGENCY: Bureau of Economic Analysis, Department of Commerce.

ACTION: Notice.

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SUMMARY: 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.

DATES: Written comments must be submitted on or before September 4, 
2018.

ADDRESSES: Direct all written comments to Jennifer Jessup, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th 
and Constitution Avenue NW, Washington, DC 20230, or via email at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument and instructions should 
be directed to Christopher Stein, Chief, Services Surveys Branch (SSB) 
BE-50, Bureau of Economic Analysis, U.S. Department of Commerce, 
Washington, DC 20233; phone: (301) 278-9189; fax: (301) 278-9507; or 
via email at: [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Quarterly Survey of Financial Services Transactions between 
U.S. Financial Services Providers and Foreign Persons (BE-185) is one 
of BEA's primary data sources for its estimates of financial services 
exports and imports. A U.S. financial services provider must report if 
it had sales of covered services to foreign persons that exceeded $20 
million for the previous fiscal year or that are expected to exceed 
that amount during the current fiscal year, or if it had purchases of 
covered services from foreign persons that exceeded $15 million for the 
previous fiscal year or that are expected to exceed that amount during 
the current fiscal year.
    The data are needed to monitor U.S. trade in financial services, to 
analyze the impact of U.S. trade on the U.S. and foreign economies, to 
compile and improve the U.S. economic accounts, to support U.S. 
commercial policy on trade in services, to conduct trade promotion, and 
to improve the ability of U.S. businesses to identify and evaluate 
market opportunities. The data are used in estimating the financial 
services component of the U.S. international transactions accounts 
(ITAs) and national income and product accounts (NIPAs).
    The Bureau of Economic Analysis (BEA) is proposing no additions or 
modifications to the current BE-185 survey. The effort to keep current 
reporting requirements unchanged is intended to minimize respondent 
burden while considering the needs of data users. Existing language in 
the instructions and definitions will be reviewed and adjusted as 
necessary to clarify survey requirements.

II. Method of Collection

    BEA contacts potential respondents by mail at the end of each 
fiscal quarter. Respondents must file completed BE-185 forms within 45 
days after the end of each fiscal quarter, or within 90 days after the 
close of the fiscal year. Reports are required from each U.S. financial 
services provider that had sales of covered services to foreign persons 
that exceeded $20 million for the previous fiscal year, or that are 
expected to exceed that amount during the current fiscal year, or if it 
had purchases of covered services from foreign persons that exceeded 
$15 million for the previous fiscal year, or that are expected to 
exceed that amount during the current fiscal year. Entities required to 
report will be contacted individually by BEA. Entities not contacted by 
BEA have no reporting responsibilities.
    BEA offers its electronic filing option, the eFile system, for use 
in reporting on Form BE-185. For more information about eFile, go to 
www.bea.gov/efile. In addition, BEA posts all its survey forms and 
reporting instructions on its website, www.bea.gov/ssb. These may be 
downloaded, completed, printed, and submitted via fax or mail.

III. Data

    OMB Control Number: 0608-0065.
    Form Number: BE-185.

[[Page 31364]]

    Type of Review: Regular submission.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 2,860 annually (715 filed each 
quarter: 580 reporting mandatory data, and 135 that would file other 
responses).
    Estimated Time per Response: 10 hours is the average for those 
reporting data. One hour is the average for those filing and exemption. 
Hours may vary considerably among respondents because of differences in 
company size and complexity.
    Estimated Total Annual Burden Hours: 23,740.
    Estimated Total Annual Cost to Public: $0.
    Respondent's Obligation: Mandatory.
    Legal Authority: International Investment and Trade in Services 
Survey Act (Pub. L. 94-472, 22 U.S.C. 3101-3108, as amended) and 
Section 5408 of the Omnibus Trade and Competitiveness Act of 1988.

IV. Request for Comments

    Comments are invited on: (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 Agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

Sheleen Dumas,
Departmental Lead PRA Officer, Office of Chief Information Officer.
[FR Doc. 2018-14420 Filed 7-3-18; 8:45 am]
 BILLING CODE 3510-06-P