[Federal Register Volume 77, Number 79 (Tuesday, April 24, 2012)]
[Rules and Regulations]
[Pages 24373-24375]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-9849]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Parts 801, 806, and 807
[Docket No. 111012619-2230-03]
RIN 0691-AA81
International Services Surveys and Direct Investment Surveys
Reporting
AGENCY: Bureau of Economic Analysis.
ACTION: Final rule.
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SUMMARY: The Bureau of Economic Analysis (BEA) revises its rules to
establish general guidelines for how BEA will collect data on
international trade in services and direct investment surveys, which
are provided for by the International Investment and Trade in Services
Survey Act (the Act). In addition to the Act, the Omnibus Trade and
Competitiveness Act of 1988 authorizes BEA to conduct international
trade in services surveys. Currently, international trade in services
and direct investment surveys are promulgated through separate
rulemaking actions. This final rule modifies BEA's regulations to allow
BEA to issue surveys through notices rather than through notice and
comment rulemaking. It also provides a more general framework for how
BEA collects data on these surveys that are required, or provided for,
by the statutes. This rule will simplify and generalize existing
regulations governing the procurement of information on international
trade in services and direct investment.
DATES: The final rule is effective on May 24, 2012.
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; email
David.Galler@bea.gov or phone (202) 606-9835.
SUPPLEMENTARY INFORMATION: On January 6, 2012, BEA published a notice
of proposed rulemaking to amend 15 CFR parts 801, 806, and 807 to set
forth general guidelines for reporting on international trade in
services and direct investment surveys provided for by the
International Investment and Trade in Services Survey Act (22 U.S.C.
3101 to 3108, (the Act)), 77 FR 772. For surveys that are conducted on
an ongoing basis--quarterly, annually, quinqenially--BEA proposed to
issue specific reporting information regarding individual surveys
through notices rather than through notice and comment rulemaking.
This rule implements the proposed rule. Under this rule, notices of
specific surveys pertaining to international investment and trade in
services and direct investment, including applicable report forms and
instructions, will be separately published in the Federal Register.
Only respondents notified of these surveys are required to respond to
BEA surveys.
BEA received no comments on the proposed rule, and adopts the
proposed rule without change. Accordingly, now surveys on international
trade in services and on direct investment will be issued by a notice
in the Federal Register, and will also be sent to individual
respondents. Entities that do not receive a notice of the survey from
BEA are not required to complete the survey.
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.
Regulatory Flexibility Act
The Chief Counsel for Regulation, Department of Commerce, 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
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entities. The rule affects only BEA's internal procedures regarding how
it conducts surveys of international trade in services and direct
investment. None of the changes will have a direct effect on any
businesses, large or small. Those subject to these surveys will still
be required to respond to BEA's requests for information, but the
requests themselves will not be subject to notice and comment
rulemaking. Therefore, the effect of this final rule is to simplify and
generalize existing regulations governing the procurement of
information on the international trade in services and direct
investment under the Act. Because there will be no impact to small
entities as a result of this change to the regulations, the Chief
Counsel certified that this final rulemaking will not have a
significant economic impact on a substantial number of small entities.
Accordingly, no final regulatory flexibility analysis is required, and
none has been prepared.
Paperwork Reduction Act
This rule contains no information collection requests as defined in
the Paperwork Reduction Act (44 USC 3501-3521). However, as necessary
the individual notices of surveys will include a description of the
paperwork burden associated with completing the survey, and provide the
control number from the Office of Management and Budget (OMB) for any
survey issued pursuant to this rule. No one is required to answer any
request by the government for information that does not contain an
approved OMB control number.
List of Subjects
15 CFR Part 801
Cross-border transactions, Credit card, Debit card, Economic
statistics, Foreign investment in the United States, Foreign trade,
International transactions, Penalties, Reporting and recordkeeping
requirements, Travel expenses, United States investment abroad.
15 CFR Part 806
Economic statistics, Foreign investments in United States,
Reporting and recordkeeping requirements, United States investments
abroad.
15 CFR Part 807
Libraries.
Dated: April 15, 2012.
J. Steven Landefeld,
Director, Bureau of Economic Analysis.
For the reasons discussed in the preamble, 15 CFR chapter VIII is
amended as follows:
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1. Part 801 is revised to read as follows:
PART 801--SURVEYS OF INTERNATIONAL TRADE IN SERVICES BETWEEN U.S.
AND FOREIGN PERSONS AND SURVEYS OF DIRECT INVESTMENT
Sec.
801.1 Purpose.
801.2 Definitions.
801.3 Reporting requirements.
801.4 Recordkeeping requirements.
801.5 Confidentiality.
801.6 Penalties specified by law.
Authority: 5 U.S.C. 301; 15 U.S.C. 4908; 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).
Sec. 801.1 Purpose.
The purpose of this part is to provide general information on
international trade in services and direct investment data collection
programs and analyses under the International Investment and Trade in
Services Survey Act (22 U.S.C. 3101 to 3108, as amended) (the Act). The
purpose of the Act is to provide for the collection of comprehensive
and reliable information pertaining to international investment,
including international trade in services and direct investment, and to
do so with a minimum of burden on respondents and with no unnecessary
duplication of effort.
Sec. 801.2 Definitions.
For purposes of the Act and for reporting requirements under this
part:
(a) United States, when used in a geographic sense, means the
several States, the District of Columbia, the Commonwealth of Puerto
Rico, and all territories and possessions of the United States.
(b) Foreign, when used in a geographic sense, means that which is
situated outside the United States or which belongs to or is
characteristic of a country other than the United States.
(c) Person means any individual, branch, partnership, associated
group, association, estate, trust, corporation, or other organization
(whether or not organized under the laws of any State), and any
government (including a foreign government, the United States
Government, a State or local government, and any agency, corporation,
financial institution, or other entity or instrumentality thereof,
including a government-sponsored agency).
(d) United States person means any person resident in the United
States or subject to the jurisdiction of the United States.
(e) Foreign person means any person resident outside the United
States or subject to the jurisdiction of a country other than the
United States.
(f) Business enterprise means any organization, association,
branch, or venture which exists for profit-making purposes or to
otherwise secure economic advantage, and any ownership of any real
estate.
(g) Services are economic activities whose outputs are other than
tangible goods. This term includes, but is not limited to, banking,
other financial services, insurance, transportation, communications and
data processing, retail and wholesale trade, advertising, accounting,
construction, design, engineering, management consulting, real estate,
professional services, entertainment, education, and health care.
(h) International investment means:
(1) The ownership or control, directly or indirectly, by
contractual commitment or otherwise, by foreign persons of any interest
in property in the United States, or of stock, other securities, or
short- and long-term debt obligations of a United States person; and
(2) The ownership or control, directly or indirectly, by
contractual commitment or otherwise, by United States persons of any
interest in property outside the United States, or of stock, other
securities, or short- and long-term debt obligations of a foreign
person.
(i) Direct investment means the ownership or control, directly or
indirectly, by one person of 10 percent or more of the voting
securities of an incorporated business enterprise or an equivalent
interest in an unincorporated business enterprise.
Sec. 801.3 Reporting requirements.
(a) Notice of specific reporting requirements, including who is
required to report, the information to be reported, the manner of
reporting, and the time and place of filing reports, will be published
by the Director of the Bureau of Economic Analysis in the Federal
Register prior to the implementation of a survey.
(b) In accordance with section 3104(b)(2) of title 22 of the United
States Code persons notified of these surveys and subject to the
jurisdiction of the United States shall furnish, under oath, any report
containing information which is determined to be necessary to carry out
the surveys and studies provided for by the Act.
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Sec. 801.4 Recordingkeeping requirements.
In accordance with section 3104(b)(1) of title 22 of the United
States Code, persons subject to the jurisdiction of the United States
shall maintain any information which is essential for carrying out the
surveys and studies provided for by the Act.
Sec. 801.5 Confidentiality.
Information collected pursuant to 3104(c) of title 22 of the United
States Code is confidential.
(a) Access to this information shall be available only to officials
and employees (including consultants and contractors and their
employees) of agencies designated by the President to perform functions
under the Act.
(b) Subject to paragraph (d) of this section, the President may
authorize the exchange of information between agencies or officials
designated to perform functions under the Act.
(c) Nothing in this part shall be construed to require any Federal
agency to disclose information otherwise protected by law.
(d) This information shall be used solely for analytical or
statistical purposes or for a proceeding under Sec. 801.6.
(e) No official or employee (including consultants and contractors
and their employees) shall publish or make available to any other
person any information collected under the Act in such a manner that
the person to whom the information relates can be specifically
identified.
(f) Reports and copies of reports prepared pursuant to the Act are
confidential and their submission or disclosure shall not be compelled
by any person without the prior written permission of the person filing
the report and the customer of such person where the information
supplied is identifiable as being derived from the records of such
customer.
Sec. 801.6 Penalties.
(a) Civil penalties. Whoever fails to furnish any information
required by the Act or to comply with any rule, regulation, order or
instruction promulgated under the Act shall be subject to a civil
penalty of not less than $2,500, and not more than $25,000, and to
injunctive relief commanding such person to comply, or both (see 22
U.S.C. 3105(a) and (b)). These civil penalties are subject to
inflationary adjustments (15 CFR 6.4.).
(b) Criminal penalties. Whoever willfully fails to submit any
information required by the Act or willfully violates any rule,
regulation, order or instruction promulgated under the Act, upon
conviction, shall be fined not more than $10,000 and, if an individual,
may be imprisoned for not more than one year, or both. Any officer,
director, employee, or agent of any corporation who knowingly
participates in such violations, upon conviction, may be punished by a
like fine, imprisonment or both (see 22 U.S.C. 3105(c)).
PART 806--[REMOVED AND RESERVED]
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2. Under the authority of 5 U.S.C. 301, part 806 is removed and
reserved.
PART 807--[REMOVED AND RESERVED]
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3. Under the authority of 5 U.S.C. 301, part 806 is removed and
reserved.
[FR Doc. 2012-9849 Filed 4-23-12; 8:45 am]
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