Kathryn Mulligan | July 17th, 2015 | Middlemarketgrowth.org
The Association for Corporate Growth on Thursday hosted a webinar with the Bureau of Economic Analysis to provide insight into Form BE-10 filing for private funds.
ACG Global CEO Gary LaBranche, FASAE, CAE, noted, “Over the past several weeks, members of ACG have raised concerns and questions about complying with the benchmark direct investment abroad survey.”
ACG’s Private Equity Regulatory Task Force has played an instrumental role communicating with the BEA, and the webinar was designed to address the uncertainty many private funds still face.
The BE-10 Survey of U.S. Direct Investment Abroad collects data every five years from U.S.-based companies about foreign ownership for statistical purposes, as well as for use in policymaking by government agencies.
The webinar addressed the types of investors required to file Form BE-10, as well as confidentiality concerns and consolidated reporting requirements.
On the topic of consolidation, the BEA representatives stressed the requirement for firms to report consolidated financial information despite the fact that, as ACG Global’s outside counsel Scott Gluck pointed out, private equity firms do not consolidate for other purposes.
The BEA staff members also addressed a variety of different private fund structures to illustrate the proper way to file in each case. They responded to questions submitted by webinar participants, including queries about ownership versus control, extension deadlines and filing based on good-faith estimates.
The webinar recording as well as the slides are archived on ACG’s website.