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BE-10 Reporting by U.S. Persons Regarding Non-U.S. Business Holdings
13 May 2015
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Just before the close of business yesterday, May 12, 2015, the U.S. Commerce Department’s Bureau of Economic Analysis (the “BEA”) issued answers to Frequently Asked Questions (FAQs) relating to regulations previously adopted by the BEA. These regulations require mandatory reporting by U.S. persons on certain non-U.S. holdings. Unfortunately, the FAQs do not (as had been hoped) exempt certain entities from the filing obligations or extend the filing deadlines.
The BEA regulations now in effect require U.S. persons -- including individuals, operating businesses, private funds and other entities -- that owned or controlled 10% or more of the voting securities of any non-U.S. business enterprise at any time during 2014 to report such investments on Form BE-10.
BE-10 reports are due on May 29, 2015 or June 30, 2015, depending on the number of non-U.S. holdings to be reported. The reports require that each filer provide extensive financial information about the filer and its non-U.S. holdings. BE-10 filings are confidential.
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