The BE-180 is the quinquennial Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons (the “BE-180 Survey”) conducted by the U.S. Bureau of Economic Analysis (the “BEA”) to collect data from each U.S. person who engaged in one or more transactions with foreign persons (including foreign affiliates of the U.S. person) in the categories of financial services covered by the BE-180 Survey (collectively, “Covered Financial Services”) during the U.S. person’s fiscal year 2024.1 The data is used by the U.S. government to: (i) monitor U.S. trade in financial services; (ii) analyze the impact of the reported cross-border services on the U.S. and foreign economies; (iii) support U.S. commercial policy on trade in services; (iv) conduct trade promotion; and (v) improve the ability of U.S. businesses to identify and evaluate market opportunities.
Significantly for many of our clients, the payment or receipt of fees and/or allocations by a U.S. person to or from a non-U.S. person (including non-U.S. funds and managed accounts of non-U.S. persons) in connection with the provision of discretionary or non-discretionary investment advisory services (e.g., management fees and performance-based compensation) are transactions in Covered Financial Services reportable on the BE-180 Survey, as are payments made to non-U.S. custodians.
The submission deadline for each U.S. person required to complete the BE-180 Survey (each, a “U.S. Reporter”) is July 31, 2025.
Who is Required to Complete the BE-180 Survey?
The BE-180 Survey is a mandatory filing for each U.S. person (including natural persons and entities) that: (i) has been contacted by the BEA regarding the BE-180 Survey2; and/or (ii) had one or more transactions in Covered Financial Services with a non-U.S. person during its fiscal year 2024 (i.e., whether or not the U.S. person was contacted by the BEA regarding the BE-180 Survey).
Notably, a U.S. Reporter is only required to complete a truncated version of the BE-180 Survey if: (i) its combined sales of Covered Financial Services to non-U.S. persons were less than or equal to $3 million during its fiscal year 2024; and (ii) its combined purchases of Covered Financial Services from non-U.S. persons were less than or equal to $3 million during its fiscal year 2024.3
Filing Procedure
BE-180 Surveys may be submitted: (i) electronically via the BEA’s website (www.bea.gov/efile); (ii) via fax to (301) 278-9508; or (iii) via mail to the address set forth below.
Bureau of Economic Analysis
Balance of Payments Division, BE-50 (SSB)
4600 Silver Hill Road
Washington, DC 20233
Information collected from each U.S. Reporter is confidential and therefore will not be publicly accessible. U.S. persons failing to report are subject to civil penalties and/or injunctive relief commanding compliance. A willful failure to file may result in a fine and/or up to a year in prison for individuals.
1 “Covered Financial Services” are: (i) brokerage services related to equity transactions; (ii) brokerage services related to debt transactions; (iii) other brokerage services (i.e., excluding equity and debt transactions); (iv) underwriting and private placement services related to equity transactions; (v) underwriting and private placement services related to debt transactions; (vi) financial management services (i.e., transactions in which the financial services provider has the authority to direct the use or investment of funds or other assets); (vii) credit card services (i.e., transactions in which the service provider is the card network provider); (viii) credit-related services (i.e., excluding transactions in which the service provider is the card network provider) (ix) financial advisory services (i.e., transactions in which the financial services provider does not have the authority to direct the use or investment of funds or other assets); (x) financial custody services (i.e., transactions in which the financial custodial services provider does not have the authority to direct the use or investment of funds or other assets); (xi) securities lending services; (xii) electronic funds transfer services; and (xiii) other financial services not covered in any of the categories above, but excluding certain types of financial services transactions specifically identified in the BE-180 Survey.
2 A U.S. person that received a BE-180 Survey notification letter from the BEA but had no transactions in Covered Financial Services in its fiscal year 2024 with non-U.S. persons is nonetheless required to file an exemption claim by completing the “Determination of Reporting Status” section of the BE-180 Survey (i.e., pages 1 through 5 of the BE-180 Survey) and submitting it to the BEA by the July 31, 2025 deadline.
3 The $3 million threshold applies separately to sales and purchases. Accordingly, if the U.S. Reporter exceeded the $3 million threshold only for sales or only for purchases during its fiscal year 2024, certain parts of the BE-180 Survey requiring additional, detailed information will only be required to be completed in respect of those sales or purchases, as applicable, that exceeded the threshold (i.e., those parts of the BE-180 Survey are not required to be completed for sales or purchases of the U.S. Reporter to the extent such sales or purchases, as applicable, were less than or equal to the $3 million threshold in the aggregate during the U.S. Reporter’s fiscal year 2024).
